When interest rates decline, mortgage refinancing becomes a particularly popular topic. However, there are several other good reasons for you to consider refinancing, including an increase in your credit score or home value, or the availability of more favorable loan terms. Each situation is unique, and many factors must be considered before making the decision to refinance.
This flowchart helps guide your decisions about mortgages, and covers:
- Interest rate trends
- Current loan rates and terms
- Available alternatives
- Motivations for refinancing
- Cautions against refinancing
