Looking to Refinance Once Rates Lower, Here is How to Prepare
Many homeowners are not interested in refinancing because of high-interest rates. However, if you can reduce your current interest rate by at least 0.75 percentage points, refinancing tends to make sense. Let’s say that your average interest rate on your current mortgage currently is 3.3%. Considering current mortgage rates are almost double this figure, refinancing really isn’t a smart financial option. Nonetheless, there are still some situations in which a refinance is the best option. Over the past two years, homeowners have gained a large amount of equity. By refinancing with cash-out, th...