How do I know when to refinance?
The right time to refinance your mortgage depends on your goals. Are you aiming for a lower rate? Refinance when interest rates drop. Want to pay off your mortgage sooner? Refinancing for a shorter loan term can help you reach that goal. Want to fund home upgrades? Most renovation loans require the project to be completed within a certain time frame after closing, so you should time your refinance around when you plan to complete your renovation projects.