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When is it time to refinance your home?
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The best time to refinance is when interest rates drop or the value of your home rises. When mortgage rates fall or the market value of your home has gone up, you can take advantage and either lower your monthly payments or shorten your repayment term. You can also refinance to use the increased equity in your home to pay off high-interest debts or finance a big purchase like tuition or a wedding. When considering refinancing, keep in mind that it is best to refinance in the earlier years of living in your home as that’s when most of your mortgage payments will be primarily going towards interest.
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