"It does not matter what year because that is not a factor at all... "
It's statements like that that are frustrating. The year DOES matter because of the way mortgages are amortized. If you only have 10 years left on a 30 year note, you are paying mostly principal at this point. If you refinanced to a new 30 year at this point, even with a lower interest rate, you most likely would save nothing in interest over the remaining life. Even refinancing to a new 10 year at a lower rate may or may not yield a benefit, it would depend on the initial rate and new rate. Only a detailed analysis of your current mortgage and future goals can determine when is the best time to refinance; but for someone to say the year does not matter, is absolutely untrue.... more