With mortgage rates at or near all-time lows, many of you may have considered refinancing your mortgage. And if you haven’t considered it, we would strongly encourage you to do so. Of course, refinancing isn’t appropriate for everyone but there are often a number of benefits for many people, including:
- Locking in a low interest rate
- Reducing monthly payments
- Freeing up cash flow to save for retirement, pay down high-interest debt, or fund hobbies
- Cashing out some of the built-up equity to use for home renovations, investments, or other purposes
As with most financial decisions, there are a lot of details to consider when choosing the right course of action. We have helped many of our clients make the complicated choice of whether or not to refinance, and we would be happy to discuss with you whether it makes sense in your particular situation.