When Should I Refinance My Mortgage?

How do I know if this is the right time?

If your home or current mortgage meets one or more of these three conditions, it?s a good time to consider refinancing.

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Increased home value.

If conditions in your local housing market have increased your home?s value, your equity went up, too. With high equity you could get a new loan on better terms. Or you can convert that equity into cash to use however you like.

Interest rates are low.

As a general rule, if you can get an interest rate at least half a percent lower than what you?re currently paying, it?s good idea to consider refinancing. If you can get more than a percent, it?s a great idea. A lower rate could get you a shorter term, lower monthly payments, savings over the life of the loan ? maybe even all three.

Your current mortgage is relatively new.

In the early part of many mortgages, most of the monthly payment goes toward interest. If you can get a new mortgage that applies more of your payments toward principal, that?s good. You'll build equity faster. It?s like paying money to yourself.


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