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How to refinance your home

Would a mortgage refinance make sense for you? You’ve probably had the conversation at some point in time. Perhaps a family member or neighbor has told you about the great deal they got by refinancing their mortgage. Now you’re left to wonder: Are you losing out if you don’t follow suit?

There are times when droves of homeowners rush to refinance (usually because of a drop in interest rates). However, rates aren’t the only reason to replace your current loan, nor is it the case that an ideal time to refinance for one borrower is necessarily a good opportunity for someone else.

Before jumping into a decision, it’s important to understand why you’d want to take out a new home loan in the first place—and then to figure out whether it makes sense in your particular circumstances.

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