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When to Refinance Your Mortgage
Refinancing your mortgage can be a smart financial move, but it's not right for everyone. Knowing when to refinance can help you save thousands of dollars over the life of your loan.
One of the best times to consider refinancing is when interest rates have dropped. Even a one-point decrease can lower your monthly payment and reduce the total interest you pay. Improved credit scores also create opportunities to qualify for better rates.
Another reason to refinance is to change your loan terms. Shortening your mortgage from 30 years to 15 years, for example, increases your monthly payment but allows you to pay off your home faster and save significantly on interest.
Some homeowners refinance to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. This provides stability and predictable payments, which can be especially helpful during times of rising interest rates.
It's important to weigh the costs, including closing fees and appraisal costs, against the potential savings. If you plan to stay in your home long enough to recoup the expenses, refinancing can be a valuable financial tool.
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