learn more about refinancing
when should you refinance?
A refinance can be done for several reasons:
- Lower the interest rate
- Change the term of the loan (shorten or lengthen, based on what you need)
- Get cash out for many objectives (heard of cash-out refinancing, HELOC, and/or reverse mortgage?)
- Put cash in and recast the loan so the payment and term are more favorable
In any case, all reasons are personal and often a very wise financial choice. The refinancing option that works best for you will depend on your goals and unique situation (ie. how much equity is in your home, your mortgage's current interest rate, etc.)