People often ask me if they should refinance their house. It isn't always an easy answer. There are many factors that need to be considered.
Some reasons to consider refinancing your home:
- Your credit score has significantly improved
- You can get rid of PMI
- Going from a variable rate to a fixed
Of course there are some considerations that make refinancing less attractive:
- You will be in the home for only a few years
- You think interest rates will rise
- Loan to value is > 80%, forcing you to pay PMI
To help you decide, you can download our handy Flowchart to see if it makes sense in your situation.