Should I Refinance My Mortgage?

If you’re thinking about refinancing your mortgage, it’s important to weigh the pros and cons of doing so.

With rates on mortgages hovering around 4%, some homeowners may be considering a cash-out refinance to take advantage of historically low interest rates.

. Here’s what you need to know before making the move:

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There are many reasons to refinance a mortgage, and the decision is ultimately up to you.

Reduced interest rates. A refinance could result in lower interest rates, saving you money over the life of the loan.

With a refinance, you may be able to get added features such as a shorter term or increased loan amount.

Reducing your total monthly payment

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Most people don’t think about refinancing their mortgage until they’re ready to buy a new home.

If your current mortgage is within your desired interest rate range, refinancing may not be the best option.

on a mortgage if you have less equity in your home. A refinancing will not improve your credit score.

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Mortgage Refinance Options

You can’t qualify for a lower interest rate

Reasons Not to Refinance a Home