Mortgage Musings

With what have been some historically low mortgage rates, mortgage expert and editor Leslie Cook from offers some solid food for thought:

If you’re wondering whether you should consider refinancing your home, Cook suggests it may be worthwhile if your current mortgage rate exceeds today’s rates by more than one percentage point. Mortgage refinance fees and closing costs may otherwise affect the bottom line and cut into your savings if the rate spreads are less than a percent, according to Cook.

If you’re considering buying discount points to lower your mortgage, this could be worthwhile if you keep the home long enough. Selling the home or refinancing the mortgage within a couple of years would otherwise cut into the discount. Staying in the loan long-term will allow you to reach the break-even point, allowing you to save more over time, Cook notes.

Cook reminds loan applicants that rates can be affected by many factors, including credit scores, loan terms, type of interest rates, down payment amounts, home location, loan size and more. Nothing is one-size fits all, especially depending on what your long-term goals are.

To read more about Cook’s take on current mortgage rates and strategies, visit Cook’s weekly column at