If you’re a homeowner, you’ve probably thought about refinancing your mortgage at some point. After all, home loans are long-term, usually ranging from 10 to 30 years. A great deal can happen in that time, including interest rates dropping, your home value increases, the introduction of new loan types, among other market changes.
While refinancing your mortgage may seem to be extra work for you, lowering your interest rate by just 1 percent on a 30-year mortgage could save you thousands of dollars. Perhaps you’re in the position to pay off your loan quicker and want to reduce your term. There are many perks to refinancing we will discuss in this article.