If These 5 Things Are True, It’s Time To Refinance Your House

If you are feeling the effects of inflation and are struggling to make all the monthly payments work, maybe you are going over all of your expenses trying to see where you can cut back. You may be looking at your mortgage payment wishing it were lower. So, when is it time to refinance your home? It depends on a few different factors that we will go over.

If you are wondering how much lower your new interest rate needs to be than your current rate, or if it even needs to be lower at all, depends on your goals, when or if you are planning on selling your home, how quickly you want to build equity, and when you need to access that equity or not. There are a few different types of refinance options, and mortgage loan rates, and your goals will determine what you will choose during refinance.

This post originally appeared at 24/7 Wall St.