When Does It Make Sense to Refinance?
Refinancing can be a wonderful tool that is used to positively effect your financial journey.
The beautiful thing about owning a home is that you can build equity (the difference between how much you owe and what your home is worth) as you pay down your mortgage and as the value of your home rises over time. Sometimes it can make a lot of sense to tap into that equity to help pay off higher interest debt, lower your total monthly expenses, pay for home renovations or even to start a new business or invest.
Other reasons to refinance would be to lower your mortgage payment through obtaining a lower interest rate, or getting rid of any PMI that you may have. All of this sounds great but the question becomes, "Is it actually worth it?"
This is something that we answer on a daily basis. We can put together an assessment for you that breaks everything down for you with simple, easy terms.