Should I Refinance?
Why go through the process of refinancing? In many instances, refinancing can help you:
- Lower your monthly payment
- Shorten your loan term
- Get cash for a home improvement project
- Consolidate debt
A lot factors into a homeowner’s decision to refinance. So, how do you know if it’s right for you?
The first thing you need to consider are current interest rates. Also, think about what your home may be worth.
To get started, have your current monthly payment and current interest rate on hand. Then take some time to search how much homes in your neighborhood are selling for. This may help you estimate how much your home is worth.
If your goal is to save money, look at the amount you’ll save each month and compare that to what your closing costs for the refinance will be. If you plan to move within the next few years, refinancing is probably not going to save you money.
Consider your unique situation, and talk with a mortgage officer if you need help along the way. Use our refinance calculator below to determine if it’s a viable option.