Considering refinancing?  There are some things to keep in mind.

Lower your mortgage payments
Is your goal to lower your monthly payment and/or lower the interest rate on your mortgage?  Perhaps you have an Adjustable Rate Mortgage (ARM) loan and the rate is coming up for an increase.  In either situation, consult a loan officer who can help you determine if refinancing will benefit you.

Getting some cash out
Do you wish to "cash out"? Maybe you need to make home improvements, pay your child's college tuition, or go on a vacation. In these cases, refinancing will result in a loan balance higher than the remaining amount on your current mortgage.  You may not increase your mortgage payment, however, if you've had your existing mortgage for a while and/or your current interest rate is high.  Refinancing then could be a good option for you.  Consult with a loan officer to verify.

Consolidate debt
Do you have other high interest credit card and/or personal loans that you want to consolidate? If you do, you might be able to take care of that debt by refinancing to lower your interest rate especially if you have the home equity built to make it work.

Building up equity quicker
Have you been considering a 15-year mortgage to build equity quickly? By refinancing to a shorter-term mortgage, you will pay less interest and increase equity quicker.  While your monthly payments would be higher, with discipline, refinancing to a shorter term may be an option for you.

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