Rate and term refinance
Refinancing your mortgage at a lower interest rate could drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested.
Cash-out refinance/Debt consolidation
It may make sense to cash out some of your home equity to payoff your other debts in high interest rates or to buy an investment property.
Refinance to shorten the term of your loan
If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low interest rates, you may find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying.
Refinance from an adjustable-rate to a fixed-rate loan
If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.