Is it always wise to refinance when the rate offered is lower than your current mortgage rate for the same terms?
Provident Credit Union came to my company and offered a fix rate of 2.850% for their 10 and 15-yr term mortgages. As an employee of my company, Provident was discounting another 0.125%, which lowers it 2.75% for a 10 or 15-yr loan. I was overjoyed since I have been looking for another opportunity to refinance my mortgage for awhile now. My current mortgage is at 3% for a 15-yr loan.