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.
Shorten Your Loan Term
If you are planning to sell sooner than you thought and no longer need a long-term mortgage, consider refinancing your long term Fixed Rate Mortgage to an Adjustable Rate Mortgage (ARM) with a shorter term. ARMs sometimes have lower rates and payments.
Eliminate Mortgage Insurance
Refinancing may help you eliminate this extra expense of mortgage insurance 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.