People choose to refinance their mortgage for many reasons – it all depends on what they’re trying to achieve with the refinance. With the right refinance, you can lower your monthly payment, withdraw cash from your home’s equity, or become the sole borrower on your mortgage. If any of the following match your current situation, it may be the right time to refinance:
- Current interest rates are much lower than my rate now.
- I want to lower my monthly mortgage payments.
- I have equity in my home and need cash now.
- I’m going through a divorce and would like to have the mortgage solely in my name.