Are you wondering if now is the right time to refinance your mortgage? With interest rates dropping from around 7% to near 6%, many homeowners who bought in late 2024 or 2025 may be able to save real money—even without a huge rate drop.
In this Summit Minute, we break down why the old rule of thumb—“don’t refinance unless you save 1.5–2%”—no longer applies in today’s market. With modern mortgage balances often ranging from $400,000 to $600,000, even a small rate reduction can make a big difference.
We also xplains how zero-cost refinances can work, where lenders may cover your closing costs in exchange for a slightly higher rate—depending on your credit, loan size, and situation.
If you’re thinking about refinancing or just want to explore your options, this video will help you understand whether refinancing makes sense right now.
👉 Thinking about refinancing? Reach out to us to see if a zero-cost refinance is possible.
Dave Steinberg NMLS: #67325 Mortgage Broker Summit Funding
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Connect with me:
Office: 718.575.1166
Email: dave@summitfunding.com
https://summitfunding.com
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What You'll Learn:
This video explains why homeowners should reconsider refinancing as interest rates fall from around 7% to 6%. It debunks the outdated rule that refinancing only makes sense with a 1.5–2% rate reduction, pointing out that today’s larger mortgage balances make even smaller savings worthwhile. This video introduces the concept of zero-cost refinances, where lenders may cover closing costs depending on the borrower’s profile, and encourages viewers to explore their refinancing options.
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