See how long it will take to oh off the closing cost. Even though refinancing my loan would cut $55/month off my payment it wound 36/months to jus tout of the closing cost. Money is better spent just paying down principal in my mind. You need over 1% reduction in rates to make me consider it. At 4% to 3.25% it’s not worth it considering I pay more to the principle each month.
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Why could you only get a 3.25%? The rates are cheaper than that. I agree that .75% wouldn't be worth it. And you wouldn't be reducing your term?
With apr that’s what my lender was the saying is the best rate on a 30/fixed. I've only been in my house for 2 years. We pay as if we are going to pay it off in 15, but I don't want to be locked in at a 15 year rate with all this economic uncertainty. I like being able to cut back on the extra we pay if needed.