|Lower Your Rate and Payment
This is one of the most common reasons to refinance your mortgage. If your current interest rate is higher than what is currently available in the market, it is probably a good idea to see how much you could save by refinancing.
Pay Off Your Home Faster
If you are planning to sell sooner than you thought and no longer need a long-term rate, consider converting your 30 year fixed to either an ARM or a 3/1, 5/1, or 7/1 loan program. These often have lower rates and payments.
||Eliminate Mortgage Insurance
If you purchased a home with less than 20% down, you're probably paying mortgage insurance. Refinancing may help you eliminate this extra expense if you've paid down your balance and/or have seen an increase in your home's value.
Free Up Cash
Use the equity in your home to pay for home improvements, a family vacation, college tuition, other bills, or the purchase of an investment property.