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How
Do
You
Know
When
it
is
Time
to
Refinance?
Read
on
to
learn
more
If
you
are
considering
refinancing
your
home,
there
are
several
factors
you
should
weigh
before
making
your
decision.
You
will
want
to
think
about
your
current
mortgage
rate,
the
current
market
interest
rate
as
well
as
how
long
you
plan
to
live
in
your
current
home.
It
is
important
to
consider
if
you
need
money
for
other
things
like
home
improvement,
a
new
car
loan,
or
paying
off
credit
cards.
Consider
the
interest
rate
you
are
paying
before
refinancing.
Compare
it
to
the
current
interest
rate
to
see
how
much
you
would
save
if
you
choose
to
refinance
your
home
mortgage.
The
number
you
arrive
at
will
help
you
to
determine
if
you
should
refinance
your
home.
If
you
do
not
plan
on
owning
your
home
for
very
long,
the
lower
payments
associated
with
the
refinancing
may
not
cover
the
mortgage
refinancing
fees.
If
you
plan
on
staying
in
your
home
for
more
than
eight
years,
refinancing
could
be
an
excellent
way
to
reduce
your
monthly
payments.
If
you
are
planning
on
moving
into
a
new
home
while
keeping
your
old
home
as
a
rental
property,
refinancing
is
a
solid
plan
because
you
can
lower
your
monthly
home
mortgage
payment
while
increasing
your
rental
income.
If
you
have
equity
in
your
home,
you
may
be
able
to
access
that
equity
if
you
choose
to
do
a
cash
out
refinance.
You
can
then
choose
to
apply
that
equity
to
a
debt
consolidation
plan,
a
new
car,
or
home
improvements.
Also
remember
that
there
are
a
variety
of
different
mortgages.
By
refinancing,
you
can
choose
the
right
mortgage
for
your
needs,
which
may
have
changed
since
you
first
bought
your
home.
In
order
to
find
the
right
solution
for
your
needs,
speak
with
a
mortgage
broker.
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