When to Refinance?

Refinancing has various benefits that often make it worth the up-front expenditure many times over.


When you refinance, you may have the ability to reduce your interest rate and mortgage payment , perhaps considerably. You may also be able to "cash out" a portion of the built-up equity in your home, that you are able use to take care of higher interest debt, make home improvements, or plan a vacation. You may be able to refinance to a shorter-term mortgage program, enabling you to add to your home equity faster.

Expenses and Fees

As you probably know, you'll have to pay for your the refinance process. When you refinance, you're paying for most of the same things you paid for during your existing mortgage. Included in the list may be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other fees.

Is it the right time?

As with any important financial matters, please consult your tax advisor or financial planner and appropriate government agencies for any effect on taxes or other government benefits before making any decisions about purchasing or refinancing a home.