How do you know if a refi is right for you? Talk to a lender! A great lender is going to run the numbers of the cost of refinance with the monthly savings it brings to you and counsel you on whether it makes sense for you to refinance!
Rates are so low right now! Typical 30 year mortgage refinance has been quoted this week at 3.825%. That can differ depending on your credit and other factors but it's amazingly low and worth looking into!
I love to find my clients amazing properties and negotiate even better deals so when they've owned them for a couple years or more and they've built up some equity along with the appreciation of home prices, sometimes they'll have 20% equity.