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After reaching historic lows, mortgage rates are once again on the rise. But homeowners who are looking to refinance can still get a great deal. A mortgage refinance can certainly help you keep more cash in your pocket but you need to weigh the pros and cons before you sign on the dotted line.
Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.
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5 Reasons to Refinance Your Mortgage. There are many great reasons to refinance an existing mortgage. Mortgage interest has historically been treated differently than all other debt. In fact, mortgage debt is the only debt eligible for a reduction in federal income taxes.
There are a bunch of reasons you might want to refinance your 30-year or 15-year fixed rate. The 30-year fixed rate mortgage rate average has fluctuated between about 5.6 percent back in June 2009.
"If you can shave one-half to three-quarters of a percentage point off your mortgage loan by refinancing, you should look into it," says Greg McBride, CFA, chief financial analyst for Bankrate.
If you’ve owned your home for some time, you may be wondering if it would be beneficial to refinance your mortgage. Here are a few reasons why it may be a great option for you to consider. 1. Lower your interest rate. securing a lower interest rate is one of the top reasons for refinancing.
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Five Reasons to Refinance Your Mortgage When you commit to buying a home with a mortgage, it’s usually with the plan of paying it off with monthly payments over 15 or 30 years. During this long timeframe, your life circumstances could change, or the economy could change.
With cash-out refinancing, you refinance your current mortgage for more than the amount you currently owe, and keep the extra money to spend as you wish. For example, if your current mortgage balance is $150,000 on a home that’s worth $250,000, you could refinance your mortgage for $175,000.