When is it a good time to refinance your mortgage
Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh:
1. Interest Rates
If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money.
Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month.
2. Loan Term Goals
Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher).
Extending your term may lower your monthly…
The skinny
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