3 Reasons NOT to refinance now

Refinancing while rates are low can potentially save you big bucks but it’s not always the right move. Before you call up your mortgage lender, SmartAsset has a few reasons why you might want to put your refinance plans on hold.

Con: If you’ve had your loan for more than a few years, you might not save in the long run. Reason 3. Switch to a fixed rate. If your original loan is an adjustable-rate mortgage (ARM) and your initial fixed term is about to expire, you may want to refinance to a fixed-rate mortgage.

Not everyone wants to pay down their mortgage in three years and for some it’s very difficult to make large monthly payments. Perhaps a change in circumstance means a 30-year term is more sustainable moving forward. 6. To switch to a fixed-rate mortgage. We’ll put this in the common reasons to refinance pile.

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Learning how to refinance your mortgage before jumping in gives you the best. If you can get a lower rate now than when you first took out the mortgage, to a fixed-rate mortgage when you refinance. Why? A fixed-rate mortgage is a. 3. Find out your credit score. You need good or excellent credit to refinance a home.

Bad reason No. 3: You want an easy out from credit card debt. "One danger in using a cash-out refinance to pay consumer debt is that you may end up spending that extra cash on things you don’t need-and now, unlike before, your home is at risk," Schneider points out.

There are at least seven reasons to refinance. not because you can get them at a better rate, but because you can get them at a stable rate." Other borrowers swing from one hybrid ARM to another,

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When (and when not) to refinance your mortgage. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home’s equity in order.

"You want to weigh the costs against the benefits before deciding to refinance." [Think refinancing is right for you? Click to compare rates from multiple lenders now. not been this low in 40 years.