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I seem to remember that you needed at least a 1 point difference in your loan rate to make it worthwhile to refinance and you could recoup closing costs in about 2 years. I think that it has changed as closing costs are most likely lower now with lots of competition so maybe it is 7/8 point.
So, if there is a 3 7/8 point difference between a mortgage loan rate and the current interest rate it makes sense to refinance but what length of time would need to pass in order to recoup closing costs? I'm thinking less than a year.
forthill