If you purchased your home in the last year and a half or so, you may be considering whether you can save money by refinancing your mortgage loan now that rates have dropped a bit. After all, we are looking at the lowest rate we’ve seen in over a year following the Fed’s decision to cut rates by 50 basis points — or 0.5% — at its September meeting.
While that might mean savings for some, it’s not necessarily a blanket truth for everyone. Here are some practical considerations as you navigate a possible mortgage refinance and whether it makes sense for your financial situation.
This post originally appeared at ValueWalk.com.