The start of a new year is a great time to plan your finances.
But should refinancing your mortgage be a part of that plan? That depends on your preferences and the details of your current mortgage.
When you refinance, you have the option to alter your loan type. For example, you could change a 30-year term to 15 years, or change from an adjustable rate to a fixed rate.
In some cases you can also refinance from a Federal Housing Administration loan into a standard mortgage so you may no longer have to pay for mortgage insurance — check with a loan officer or visit hud.gov for more details.
And if mortgage rates look good in the new year, you can also refinance to lock in a better rate.
To learn more about your refinancing options, talk to a First Centennial Mortgage loan officer.