Should I refinance?
To determine whether or not it is a good idea for you to refinance, you should look at your specific situation and your motivation for refinancing. The most common reasons are lower refinance rates and/or payment, convert from an adjustable to a fixed rate, or a cash out refinance to consolidate debt or improve your home.
If your goal is to reduce your rate and payment, you should review your current interest rate and see how much you can save. If you are converting your adjustable rate home loan into a fixed rate. Going this route you may experience an increase in your rate and payment, but you'll get peace of mind knowing your rate will never increase again.
If you are using the equity in your home to consolidate debt, your overall loan balance and payment may go up, but you could save monthly because you will eliminate the monthly obligations that you are paying off. Your mortgage loan officer can run some numbers for you and help you determine if refinancing makes sense for you.
Want more info on when to refinance? Read more: when to refinance