When to Refinance advice

[Juliette Holm]

Hello All,

I am considering a Refi on my primary residence and would love some input if it is worth waiting longer or refiing now. Would love to know if there are any rules of thumb that people live by when it comes to refinancing. At the moment my ultimate goal is to lower the payment so when I convert this property to a rental eventually it is in a better spot to cash flow.

Current Loan - 30 yr loan on a condo starting July 2023

Remaining balance - 365k

Rate - 7.25%

Payment - 2625

Proposed Refi - 30 yr loan starting December 2025 (90% LTV)

New Loan Amount (escrowed) - 376.4k

Closing costs - 4584

Rate - 6.35%

Payment - 2348

Savings 277/m