When Refinancing Makes Sense
Making your mortgage work in your favor.
Today's financial landscape is far different than when you financed your home years ago. The financial environment at the time you purchased your home determined the interest rates, which may be higher than today's prevailing rates. Further, your own personal financial circumstances have probably changed.
Is your current mortgage working in your favor? These simple questions may help you decide if it's time to refinance.
Should You Refinance Your Mortgage?
- Is your mortgage interest rate higher than the current market rate?
- Is your mortgage payment too high?
- Is your ARM (adjustable interest rate mortgage) fluctuating too much?
- Do you need you to use your home equity as cash for a large purchase or to pay off credit card debt or other high interest loans?
What is Refinancing?
Refinancing means you apply for a new mortgage loan with more favorable terms and use it to pay off your original mortgage loan.