When to Refinance

I hope your home is everything you wished for and that you are enjoying your environment. If you've have been in your home for a while, you might want information on refinancing options for down the road.

You may want to consider refinancing at some point for a variety of reasons. The two most common reasons people refinance are to:

* Lower their mortgage payment
* Access the equity in their home for cash

If you are interested in lowering your payment, experts recommend refinancing when you can lower your interest rate by 2%. The other way to lower your payment significantly is by switching from a 15-year loan to a 30-year loan.

On the other hand, refinancing from a 30-year to a 15-year loan won't lower your monthly payment, but it can save you thousands of dollars over the life of your loan.