How do you decide when to refinance?

[John Chace]

I bought my first house (owner occupied 3 family) last year and starting to wonder if I should refinance it since I bought it using an FHA loan with 3 percent down-payment. Per Zillow it is estimated to be worth an additional 100k right now. I also did some work to it so I know it's worth more. My current rate is 3.25 percent. How do you go about deciding when to refinance? When is it not worth it? Do you use a broker or pick the banks? Or any other useful tips I should know? Thanks in advance.

[John Chace]

Originally posted by @Caleb Brown:

I'd do it to get rid of the PMI. You might be able to get a rate in the 2's. After the refi you can use the extra funds for a DP

Do you recommend going to a broker for the refi or go to different banks myself? Do banks ever pay for the closing cost?