When is refinancing your mortgage right for you? The mortgage financing landscape has changed. It is no longer as easy to refinance an existing mortgage like it used to be. But homeowners should examine their mortgage periodically and know when refinancing is the right thing to do.
Here are some things to consider:
You have good credit.
Current interest rates average 2% lower than your existing rate.
You have a mortgage that will reset to a higher rate.
You plan to stay in your home for at least 3-5 years.
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