Already happy with your current home but looking for a lower interest rate to bring your monthly mortgage payment down? It might be time to refinance, which often makes sense because today’s mortgage rates are much lower than the rates many homeowners are currently paying. Simply lowering your interest rate may save you a substantial amount of money each month — and over the long term.

There are other good reasons to refinance, too. If you have a home equity loan or line of credit, or if you have large credit card debts, you could be paying up to 23 percent in interest per year — which you can’t deduct from your income taxes! Sound familiar? Then refinancing your home may help you save hundreds of dollars every month by consolidating your bills into one monthly payment.

Refinancing your current loan may also benefit you down the road; it can give you cash to invest in the stock market or to start building your retirement portfolio.

Making the decision to refinance your existing mortgage requires asking some important questions to ask not only yourself, but your loan officer:
  • Can I even qualify for a lower rate?
  • How much could refinancing cost me up front?
  • How much lower should my interest rate be for refinancing to make sense?
  • How long will it take to recover the costs to refinance the loan?
  • What type of loan program is best for me?

At Bankers Lending Group, we work with you to best balance the cost of refinancing with the possible savings through a lower monthly payment.