When should you refinance your mortgage?

When should you refinance your mortgage?

Do you know when is the best time to refinance your mortgage? There are a couple different factors you should consider when you start contemplating mortgage refinancing.

The first thing to think about is how long you plan to stay in the home. If you’re going to stay put for a while, it might be wise to refinance. However, if you plan on moving in a few years, it might not be the right time.

Another good time to refinance your mortgage is if you can reduce your interest rate. A 2 percent lower interest rate is ideal, but in some instances even a 1 percent drop can be enough of an incentive to refinance.

Contact your First Centennial Mortgage Loan Officer today to find out if refinancing makes financial sense for you.

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