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Consider a number of factors that may indicate it is time to refinance your mortgage rate. If the market has changed or your credit score has improved, you should look into whether it is possible for you to get a better interest rate with a new mortgage. Also, if you would like to increase or decrease the length of the mortgage, refinancing may be beneficial.
There are also reasons not to refinance your mortgage rate. If you have had the mortgage for a long time, the mortgage has a penalty for prepayments or you plan to move in the next few years, then refinancing your mortgage rate will probably not be beneficial.
It never hurts to look into refinancing your mortgage rate. A financial advisor or mortgage broker should be able to help you determine whether or not it is a good idea, given your specific situation.
The Federal Reserve Board: A Consumer's Guide to Mortgage Refinancings
by timfou on February 13th, 2011
by timfou on February 13th, 2011
Is refinancing considered income?
by Answerbag Staff on July 12th, 2010
| 1 person likes this
Is refinancing a house tax deductible?
by Answerbag Staff on July 11th, 2010
| 1 person likes this
Can an FHA loan be refinanced?
by Answerbag Staff on June 17th, 2010
| 1 person likes this
Can I deduct costs such as home appraisal fees and lender application fees for a refiance loan that was dissaproved?
by Wheaty on February 10th, 2009
| 2 people like this
Is this a good time to re-finance my house, or should I wait a bit longer?
by Jman82 on February 24th, 2009
| 1 person likes this
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