at what point does it become worth it? im at 4.75% which is pretty good...probably not worth upsetting the apple cart right?
So, if you can get....say....3.75% now, that would be 1% savings. For every 100K borrowed, you'll be saving $1,000/yr in interest. So if you have a $200K loan, you save $2000/yr. Therefore, if the refi costs $3000, it would take ~18 months to break even. If you want to figure in taxes, if you're at at 25% tax rate, you get $500 refunded as part of that $2000 extra that you spend on interest, so that would make it a 2 year break even ($1500*2 = refi costs).
Im not "in the business" though, but that's my simple explanation.