If you have an adjustable rate mortgage, refinancing could get you a low fixed-rate that will protect you from rate increases and save you money over the life of the loan. Refinancing may also let you take cash out of your home for improvements or educational expenses. It may also lower your monthly payments and overall monthly debt, increasing your cash flow. If you’re currently paying private mortgage insurance (PMI), refinancing might eliminate that monthly cost thanks to the equity you’ve built up.
A Homebridge Mortgage Loan Originator can help you decide if it’s the right time for you to refinance.