Consider this: When to refinance

Dated: 01/11/2019

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Refinancing your mortgage is something most homeowners consider at least once

throughout the lifespan of their home loan. It allows you to pay off your previous

loan by applying for a new one that has better financial advantages. While there are

many good reasons to refinance, here are five common ones.

  • Scoring a lower interest rate. The number one reason homeowners decide to refinance
  • is to secure a lower interest rate on their mortgage. Not only does this save you money
  • n the long run and decrease your monthly payment, but you can start building equity in your home sooner.
  • Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved
  • your credit score over the last few years, you may be able to reduce your mortgage rate.
  • Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter
  • loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
  • Switching from an adjustable rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory
  • rates when you initially financed your home, that rate may increase significantly over the years. By switching to a
  • fixed rate while interest rates are low, you can protect yourself from future increases.
  • Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back
  • to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.

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