There are many factors besides mortgage rates that will determine whether or not refinancing is right for you. Let's look at the top 5 reasons you should consider refinancing, and when you shouldn't

Don't refinance if...

Never refinance if you are not planning on staying in the house more than 18 months. You need at least 18 months to recover your closing costs to breakeven.

Do refinance if...

You need to consider refinancing for several reasons beyond rates. Refinance is about dropping your monthly payment, saving on interests payed, building more personal wealth, pulling cash, or shortening your term. Here are 5 reasons beyond rates to refinance.

You can drop your PMI.

Even after a year of owning your home, appreciation might push you past 20% equity. If this is the case, you can refinance your home and drop your PMI. Some lenders are even offering no PMI under the 20% threshold. Contact us today if you want a PMI evaluation.

You can lower your insurance.

Shopping your homeowners insurance can help you lower your monthly payment. It is important to look at the things you are trying to accomplish when considering refinancing.

You can consolidate debt.

Yes rates are a little higher than they were, but your car loan, boat loan, credit card debt, and other debts are typically well above your mortgage rate. Cashout refinancing allows you to paydown high interest debt and consolidate.

You can lower your monthly payments.

If you've been making mortgage payments for some time, you may want to refinance and extend the term of your loan to lower your monthly payments. The cash in hand each month might be what you need.

You can shorten your term.

Refinancing might be your best option if you want to pay off your mortgage sooner. By looking at different loan types and terms. You may be able to pay off your loan faster with little change to your monthly payments.

Contact us today about your refinancing options.