Answers by Rebecca Parker

Unfortunately, there is no option to port a mortgage to a new house. That would be so great if we could. Yet, your mortgage you have in place is tied to just that specific property.

There are lender closing costs to consider even when you refinance. Find a reputable Lender that can calculate a break even point for you. Basically, they can tell you how many years will it take to offset the closing cost versus that monthly savings of only a half a point difference. In my experience with lenders, they typically only advise it when you can drop your rate at least 1%.