If you've been considering refinancing your home, these lower interest rates could be an opportunity. Refinancing isn't always the right answer — if you've recently seen your credit score drop, or are planning on selling soon, it may not be right for you. Remember that refinancing essentially resets your loan's term, meaning you won't be mortgage-free for another 15 or 30 years.
The recent interest rate drops are likely to make refinancing worth it. Joe Tyrell, COO of mortgage software company Ellie Mae,, "A good rule of thumb is that if you're going to get at least half a percentage point reduction in rate, it might make sense for you to refinance." If your mortgage payment is high or your circumstances have changed since you bought your home, refinancing could help. Reducing your interest rate could lower your monthly payment, especially if you got your mortgage several years ago when interest rates were substantially higher. Refinancing can also help expedite3. You could refinance away private mortgage insuranceeach month.
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