When mortgage rates drop, current homeowners are faced with the big question “Should I refinance my mortgage?”
To answer the question, people need to have some of their own information as well as their mortgage information.
There are things that the homeowner will have to consider, such as their mortgage payment history, their employment outlook as well as the amount of equity they have in the home.
Once these details are hammered out, the homeowner will need to decide the goal of the refinance. It could be a good idea to just lower their interest rate, or there may be other cost-saving alternatives that they have not considered.
The goods news is that even a small change in a mortgage can lead to some serious savings for most homeowners.