The general rule is that refinancing makes sense if you can lower your rate by at least 0.5-0.75% and plan to stay in the home long enough to recoup closing costs. For example, if refinancing saves you $200 per month and closing costs are $4,000, you break even in 20 months. NMHL provides a detailed break-even analysis for every refinance scenario.

Refinancing closing costs typically range from 2-5% of the loan amount, or $4,000-$12,000 on a $250,000 loan. These costs include appraisal, title insurance, origination fees, and other charges. Some lenders offer no-closing-cost refinance options where the costs are rolled into the loan or offset by a slightly higher rate.

It can be more challenging but is not impossible. If your loan-to-value ratio exceeds 80%, you may still qualify for FHA Streamline refinancing (for existing FHA loans), VA IRRRL (for existing VA loans), or certain conventional refinance programs. NMHL can evaluate your specific equity position and identify available options.

A typical refinance takes 30-45 days from application to closing. Streamline programs (FHA and VA) can sometimes close in as few as 15-21 days due to reduced documentation requirements. NMHL works to expedite the process and keep you informed at every step.