Should I Refinance My Mortgage?
With interest rates lower than they have been in about 1.5 years, we are receiving calls from clients wondering whether or not they should refinance their mortgages. Refinancing what is often a significant amount of money may potentially enable lower monthly payments, or might even enable the possibility of shortening of the loan duration for a similar payment. For example, the homeowner might potentially be able to refinance from a 30 year mortgage to a 15 year mortgage for around the same monthly payment. Shortening the duration of payments helps to save on interest costs as well as eliminate those years of making payments. It might be worth exploring together with a mortgage lender to calculate what savings might be possible. Please consider all costs including closing or processing costs, as applicable, to determine if refinancing might be appropriate for your circumstances.
This information is provided for educational purposes and is not intended as specific advice for any individual.
Seek professional advice before taking any action in regard to your finances.