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Coronavirus Cash Crisis: Should I Refinance My Mortgage?

The coronavirus pandemic prompted an unprecedented shutdown of the U.S. economy. Experts weigh in on whether it's smart to refinance a mortgage now.
Posted at 2:31 PM, Apr 30, 2020

Coronavirus Cash Crisis: Should I refinance my mortgage?

"So let's say you have not lost your job, you have a lot of certainty right now and you see that interest rates are at record lows and you think, 'OK, I want to refinance.' There are definitely some benefits to consider. That said, there are also some costs to refinancing. For example, on a mortgage there's closing costs, just like when you close on a house originally, there are closing costs," said Stefanie O'Connell Rodriguez, a personal finance author.

"It's a really great idea to actually use an online refinance calculator so you can plug in your specific numbers and see if the costs are worth it to you. Because there is a cost to refinancing, and you always want to make sure that the benefits outweigh those costs," said Kimberly Palmer, a personal finance expert at NerdWallet.

"Today, compared to 10, 12 years ago, there are many, many more banking opportunities for a home loan borrower to avail of. And I think it's almost like a customer's market. So you should absolutely consider refinancing your mortgage, if you believe you're in a high interest rate," said Arindam Nag, chief executive of Centsai.