💰Is It Time to Refinance Your Mortgage?

Refinancing your mortgage can be a game-changer—lower monthly payments, a shorter loan term, or even extra cash for life’s big expenses. But knowing when and how to refinance is key to making it work for you.

Here’s a quick guide to help you decide:

Why Refinance?

• Lower Payments: Secure a lower interest rate and save on monthly expenses.
• Shorter Loan Term: Pay off your home faster and save on total interest.
• Cash Access: Tap into your home equity for renovations or debt consolidation.

When Does Refinancing Make Sense?

• Interest rates are at least 1-2% lower than your current rate.
• You want to switch from an adjustable-rate to a fixed-rate mortgage.
• Your credit score has improved since your original loan.

What to Watch For

• Closing Costs: These can be 2-6% of the loan amount—calculate your breakeven point before committing.
• Extended Loan Terms: Avoid resetting your loan to 30 years unless it aligns with your goals.

How to Get Started

1. Evaluate Your Goals: Lower payments? Shorter term? Access to equity?
2. Check Your Credit Score: Better scores mean better rates.
3. Shop Around: Compare offers from multiple lenders.
4. Lock in Your Rate: Secure favorable terms before market changes.

Refinancing can save you thousands, but timing and planning are everything. Ready to explore your options? Click here.

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