When Should I Refinance My Home Mortgage Loan?

You may be wondering when is the right time to refinance your home mortgage loan. Generally, the reasons to refinance are to reduce your monthly payments, consolidate other debt into your mortgage loan, and pay off your loan more quickly.

If you are mainly interested in lowering your monthly payments, you can extend the time frame of your loan and get a lower monthly payment regardless of interest rates. However, for the best decreased monthly payment, you should refinance when the interest rates are lower than your existing rate.

Should I Refinance?

If you’re ready to refinance, find out how to apply for a mortgage refinance loan. You can also learn more about refinancing with a HARP loan.