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  Refinance Considerations for Beaverton, OregonWhen you're making your decision to refinance, there are several things to keep in mind.
First, even a small rate cut can pay off quickly. Refinancing can mean big savings
Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.
And third, you can avoid paying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean shouldering a lot of extra debt? No. If you have had your current mortgage for at least three years, you've probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan and still end up with a mortgage that's smaller than your original one -- plus, of course, a lower rate and lower monthly payment.
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