With the decline in interest rates, mortgage refinances have become a popular topic. And given your mortgage may be your biggest budget expense, you owe it to yourself to consider refinancing.

Some compelling reasons to refinance include:

  • an increase in your credit score or home value
  • the availability of more favorable loan terms

Everyone’s situation is unique, and many factors must be considered before making the decision to refinance.

Items to consider include:

  • Interest rate trends
  • Current loan rates and terms
  • Available alternatives
  • Motivations for refinancing
  • Cautions against refinancing

This flowchart can help guide you through the decision of refinancing your mortgage.  Have you refinanced your mortgage?  

Erik Garcia is a Certified Financial Planner™ that helps his clients not only manage their stock market investments but also advises them on making big financial decisions (like the decision to refinance a mortgage) that are consistent with their long-term plans.  Are you ready to start planning with Erik?  

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