2. To Take Advantage Of Lower Rates
If you find that your current mortgage rate is too high, and you expect the rates to drop, refinancing is a strong solution that allows you to take advantage of the money-saving opportunity that you will find within that new and improved market rate. Although there may be pre-payment penalties involved, the lower rate often will far exceed that upfront cost. Your mortgage broker can help evaluate your situation and help you understand your refinance options to ensure you make a beneficial decision.