Remember, shorter-term loans typically have lower interest rates than longer-term loans. As a homeowner, refinancing can result in big savings.
If mortgage interest rates have dropped since you took out your loan, or your credit status has increased, you can usually save money by refinancing your mortgage loan into a new home loan.
If you need to find space within your budget, then refinancing could be advantageous. You can extend the life of your loan, allowing you to have lower monthly payments.
Many homeowners refinance their mortgage loans to change the term of their current mortgage. You will have the opportunity to pay off your loan faster.
When you refinance, you have the opportunity to use some of the cash from your home’s worth towards other costs. This money can help you if you are sending your children to college.