We have owned our home for 1 year and a few months. We put down 20% and currently have a 30 year fixed mortgage with a 3.75% interest rate. Obviously, rates are lower during these times and I recently got a letter in the mail advertising a much lower monthly payment at 2.75% interest rate for a 30 year fixed. It also says there are options for no or low closing costs and no out of pocket expenses. We plan to be here for the next 5-10 years, if not longer.
Should we refinance?
As always, thanks for your sound advice!