6 Warning Signs It's Time to Refinance Your Mortgage
- Interest rates have dropped 0.75% or more below your current rate - this typically makes refinancing financially beneficial
- Your credit score has improved significantly since your original loan, potentially qualifying you for better rates
- You want to switch from ARM to fixed-rate to protect against future rate increases
- You need to remove PMI and have built sufficient equity in your home
- Your financial situation has improved and you can afford higher monthly payments to pay off your loan faster
- You want to access home equity for major expenses like education, home improvements, or debt consolidation