WHEN SHOULD YOUR MORTGAGE BE REFINANCED?
Refinancing your mortgage essentially means that you are taking an existing loan and replacing it with a new one. This action could come about for a few different reasons. You might of just got a raise in your salary or you simply find that your current mortgage isn’t working out the way you hoped. Or you may find that your current interest rate is too high and you fear that it will cause long-term debt. Overall, each homeowners financial situation is different, but refinancing a mortgage can be customizable to your specific needs. Adjustable-Rate (ARM) loans are typically associated with lower starting rates which then fluctuate with the market. Many people refinance their mortgage from an ARM loan to a fixed-rate loan so that they have a similar payment each month. Whatever your current situation is at the moment, you might start to wonder: when should I refinance my loan? To help you out, here a few benefits of refinancing.