We all see the ads for low mortgage rates and news articles advertising record low mortgage rates but what is a low mortgage rate? Is it a good time to refinance your mortgage? Before you decide, you need to find out if a refinance will help you meet your financial goals sooner. There is no cost to contact a mortgage professional and ask a few questions to find out if refinancing is right for you. Just because it worked out for your neighbor or your best friend, your situation may not be the same.
When you refinance you are not necessarily paying off your loan any faster so if that is a major financial goal you may want to refinance into a shorter term. Are you planning to move soon? If so, you may decide that a refinance is not a good option at this time.