Build Home Equity Faster
Many borrowers use a refinance to shorten the term of the mortgage.
Get Your Hands on Some Cash
Another way to make a refinance work is for you is to refinance for more than the balance remaining on your old mortgage. With today’s low rates, you can tap into your equity without increasing your monthly payment.
Analyze Your Savings
Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points.
Consider Other Mortgage Programs
If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage.
Considerations you should look at when deciding to refinance.