Should You Refinance Your Mortgage?
In a marketplace where interest rates fluctuate, when rates are lower, it can be beneficial to consider refinancing your mortgage loan. This simply means that you would replace your current loan with one that offers a lower interest rate. This means that in the long run, you will be saving a lot of money.
When to Refinance Your Mortgage?
There are several instances where refinancing your mortgage loan will save you money. The first is when the interest rates dip below what is on your current loan. Another opportunity is when your credit score has improved significantly so that you now qualify for loan with a better interest rate. There are additional conditions that can improve your loan situation. These include when:
- You can get a better interest rate but still recover the refinancing costs in a short time period.