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What Is Refinancing?
When you hear refinancing, you may not have a complete understanding as to what that means. The first place to start is to understand what happens when you refinance your mortgage. When you refinance, you can take advantage of lower interest rates, switch mortgage companies, and in turn reduce your monthly mortgage payment. You essentially pay off your first loan and a second loan is then created in its place with the updated rates.
When To Refinance Your Mortgage?
The best time to refinance is when you want to be done with your current mortgage and want to replace it with an improved one that better fits your budget. In order to see if it is a good time to refinance, you can also opt to do a break-even analysis! You will want to see the amount of savings you could get if you were to get a mortgage with the new interest rates.
You will likely benefit from refinancing if:
- You currently have an Adjustable Rate Mortgage (ARM).
- The current length of your mortgage is over 15 years old!
- Your current mortgage has a higher interest rates than the current market ones.
- Your second mortgage is more than half of your income.
Ready To Refinance?
Refinancing can be a great option if you plan on staying in your home for a while. That is when you will really be able to reap the most benefits from lower interest rates. Now is a better time than ever since rates are at historic lows!