Is refinancing worth it?

Q: What are some good reasons to refinance my mortgage?

“Talk to your loan officer about your financial situation and what your options might be. There are many reasons for refinancing other than just lowering your interest rate. For example, a cash-out refinance to pay off high-interest credit card debt might save you hundreds of dollars a month.”–Andrew Whearty, Mortgage Loan Officer, Washington, DC

“I would ask my loan officer if there are financial benefits to refinancing and make the decision based on my current financial situation vs. the improvement to my financial situation with a refinance. The market can always take a downturn. Ask your mom or your Grandpa, they’ll tell you what a bleak market truly looks like. Look at your personal goals and ignore news reports of a bleak market, it’s still pretty fantastic.”–Kim Hankins, Senior Mortgage Loan Officer, Cornelius, NC

“I’ve seen lots of people refinance their lower interest rate mortgages even though the market rate is much higher. They found value in using that equity to pay off higher interest debt or home improvements that add value and a lot of times both. Equity in your home is a powerful tool that we can use to our advantage.”–Tyler Baker, Branch Manager, Olathe, KS

“If you want money for home improvements, or need to eliminate a borrower from the loan, refinancing might be the best option. Unless the loan you are refinancing has the same rate from pre-2012, your rate is probably better than the rate options available now.”–James Okonkwo, Sr. Loan Officer, Virginia Beach, VA

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