Consider the various ways in which you can improve your financial position by refinancing.
Lower your Interest Rate: Refinancing often makes sense if you can lower your interest rate. This will allow you to reduce your monthly mortgage expense and the overall repayment cost.
Get Cash: Use the equity in your home to complete needed home improvement, pay for college tuition or pay down high interest credit cards.
Change to a Fixed Rate: If you currently have an adjustable rate mortgage (ARM), it might make sense to switch to a low, fixed rate mortgage. This makes budgeting easier and will prevent your interest rate from inevitably rising.
Reduce the Loan Term: If you currently have a 30 or 40 year mortgage and you want to reduce your loan term, it may make sense to change to a 15 or 20 year mortgage.
Switch to Conventional or FHA: If you currently have a subprime, Option ARM or jumbo loan, now might be a sensible time to convert your mortgage to a more traditional loan program.
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