Lower your rate. Or shorten your term.

Probably not. Trying to time the absolute bottom is a fool's errand — nobody knows where rates go next, including the experts. The honest framework:

(1) If your math currently shows a clear refi win (break-even is well shorter than your hold horizon), refinance now. Every month you wait is a month of higher payments you'll never get back.

(2) If rates drop another 0.5%+ later, you can refinance again — just run the break-even math on a second refi against your then-current loan. Two well-timed refis often beat one perfectly-timed refi.

(3) If your math is borderline now, waiting makes sense. Rate volatility could move it either direction.

The decision is your hold horizon vs. break-even, not your prediction of the rate market.

It's real, but not actually free. A "no-cost" refi means the lender pays your closing costs in exchange for giving you a higher rate — usually 0.25%–0.50% above the par-rate option.

Math example: $300K loan, 6.000% with $7,500 closing costs vs. 6.375% with $0 closing costs. The 0.375% rate bump costs you ~$70/month, or $25,200 over 30 years. Vs. paying $7,500 once.

So "no-cost" makes sense only if:

(a) You're moving in 3 years or less and the math says don't refi at all — but a no-cost option might still pencil because the break-even is at month 1.

(b) You don't have cash for closing and won't be in the loan long enough for the rate bump to matter.

Otherwise, paying closing costs upfront for the lower rate is usually the better long-term decision.

Yes, by default — but you don't have to take a 30-year term. A new refinance is a new loan with a new term. If you refi a 30-year loan with 24 years left into another 30-year loan, you've added 6 years to your payoff date.

Most lenders offer multiple term options on a refi: 15, 20, 25, or 30 years. Match the new term to your remaining horizon:

If you have 24 years left on your current loan and want to keep paying it off on the same schedule, refi into a 20- or 25-year loan. Rates on shorter terms are typically lower, and you avoid the "reset clock" effect.

The only time a 30-year refi makes sense is when you specifically want a lower monthly payment — which means you're trading total interest cost for cash flow. That's a valid choice, but make it consciously.

Maybe — depends on how much it dropped and what loan type.

Conventional refi: typically needs 80% LTV or better (loan ≤ 80% of current appraised value). If you have a lot of equity but values dropped, you may still be at 80%+. If not, you'll need PMI on the refi (which usually kills the math).

FHA Streamline: often allows refi without an appraisal at all if you have an existing FHA loan — meaning home value drops don't matter for eligibility.

VA IRRRL: same — usually no appraisal required.

HARP-style underwater refi programs: those ended in 2018. There's no current widely-available program for underwater conventional borrowers.

If your home value dropped significantly, your LO can run a desktop appraisal estimate before you commit to the application — to see if the refi is even feasible.

Two things, in two stages.

At refi closing: the new lender sets up a fresh escrow account, which means you pay 2-6 months of property taxes and 14 months of homeowners insurance into the new account upfront. This goes on your closing costs disclosure but is not really a "cost" — you'd owe these amounts anyway, just on a different schedule.

30-60 days after refi: your old lender sends you a refund check for the entire balance of your old escrow account. This often partially or fully offsets the new escrow you funded at closing.

So your real cash impact is the difference between the old escrow balance and the new escrow setup — which is usually within a few hundred dollars in either direction.

Typically 30–45 days from application to closing. The breakdown:

Days 1–7: application, document collection, credit pull, initial disclosures (Loan Estimate sent within 3 business days per TRID).

Days 7–21: appraisal scheduled and completed (~1-2 weeks for the appraiser to visit and turn in the report). Income/employment verifications. Title work.

Days 21–35: underwriting review, conditions to clear, final approval.

Days 35–42: closing disclosure issued (3-day mandatory waiting period before closing per TRID), signing appointment scheduled, closing.

Streamline refis (FHA Streamline, VA IRRRL) move faster — sometimes 21-30 days — because they skip appraisal and full income re-verification. Fast-track conventional refis with strong files can close in 21-25 days.