When is a good time to refinance your mortgage?
- When rates drop and you can save on your rate is a great reason to refinance.
- When you are wanting to use the equity in your home to do repairs or payoff debts.
- What we always try and encourage when someone refinances is a rate and term reduction. If you can lower the term of your loan at the same time you are lowering the rate is the ideal situation.
- If you are wanting to lower your payment of your mortgage is another reason some people refinance their loan.