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It's Not Too Late to Refinance for Many

I want to refinance my mortgage but I missed the bottom of the rate market…Is it still worth it?

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The short answer: it depends! Timing the bottom of the mortgage rate market is an impossible task. The most important thing is to compare your current mortgage terms to those available with a refinance.


When looking to see if a refinance is right for you, you first need to consider your goals. What are you trying to accomplish? Are you trying to lower your payments and/or interest rate, take any equity out of the home, or are you trying to remove mortgage insurance? There are many other goals that can be considered, those are the most common three.

All three of those questions have different answers.



If you are trying to lower your interest, compare your current rate to the rates offered in the current market. If those rates are lower and you can justify the cost, then it is generally wise to take advantage of the current rates and not risk them moving higher. Be sure to check out our No Closing Cost Refinance Options which can be great ways to lower your payments and interest to realize immediate savings.


When taking equity out of the home, consider the benefits of the available cash you will get from the refinance. If you are using the cash for home improvements, consider the potential increase of your home’s value along with the enjoyment of your new home improvements. Some also use their home’s equity to pay off higher interest rate debt which can improve your monthly cash flow freeing up money for savings, investments or any other use.

With the increase in home values, some borrowers are able to refinance out of a loan with PMI. If you can lower your rate and remove expensive PMI, refinancing typically makes sense. You may or may not need an appraisal to do so. Area home sales and available data will play a big part in that determination.

All in all, we are still in a very viable refinance market despite the slight increase in rates over the last few months. We are expecting rates to gradually rise over the next year so now may be a great time to lower your rate, take out equity or remove PMI.

Please feel free to reach out to one of our experienced Loan Officers for a free refinance consultation. We can provide quotes for multiple options to determine if a refinance makes sense for you.

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