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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So just so you know, practically all refinancing ends up benefiting the bank, not you. You have to do some serious math to figure out if any refinancing option will end up working in your favor, ie, ending up costing you LESS than the total of what you will pay with your current option, house plus interest.

There might be a benefit to lowering your monthly costs and investing the difference in the stock market. That's another way of looking at the problem. If you earn more in added value in stocks than you lose in refinancing, that could be a viable option too. But it does mean you're not using the difference in monthly mortgage payments for something else.
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Not true. We refinanced a few times when rates were much more favorable and in all case we picked a rate that came with a credit from the bank that covered the entire cost of refinance and gave us a rate lower than the original one. The only cost was the PITA of going through all the paper work. 
My answer to OP would be to refinance [b]whenever you can lower your payment with no or minimal cost[/b]. It can make sense to do it even for .5 point reduction or less depending on the size of the mortgage. There is no arbitrary reduction in rate to wait for. [b]Refinance whenever it saves you money.[/b] [/quote]

Lower payment without cost may not result in saving money due to resetting the 30 years clock. For example, you are donw playing 7 years and only 23 years are left. Then if you set , you end up with lower payment but for 30 years.

OP - I will suggest doing it for no/low cost with at least 0.75%. It will work in most cases. 1% will surely work out.[/quote]

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