When is it a good time to refinance

My friend has refinaced 2 times since they have bought their home.  Each time making the payment smaller- but paying more each time so they will pay it off sooner.

When do you think it's a good time to refinance?

Do you think it's a good idea to refinance?

General rules of thumb.

Refinance when:

1. You can get at least a discount of 1.5% or more off your mortgage.
2. You have a stable job.
3. You can afford to refi. Some people make an extra mortgage payment a year, well instead of that take that money and pay for the refi.
4. If you know that you are going to stay in the same house for at least 3 years for every .5% you lower.

Otherwise, it may be wiser to just make more of a payment or an extra payments to pay the mortgage off sooner.

I think debt master is saying quite right. I am totally agree with him. You need to follow his instructions. It 'll work for you.