Refinancing your mortgage loan can save you money. However, here are factors to consider to make sure it’s the right choice for you.

利率

Lower interest rates are a leading cause for homeowners who want to refinance. The goal, of course, is to lower your monthly payment. But lowering a monthly payment alone won’t always save you money. Understand the new loan’s term and any fees associated with refinancing to make sure you’re seeing the whole picture. 

信用评分

Your credit score played a large part in the interest rate on your existing mortgage, and it has similar influence over any refinanced loan. If your credit score has dropped and you can’t qualify for a lower rate, refinancing may not help you financially.

抵押贷款的历史

Where are you on your current mortgage? If you’re towards the end of your loan term, refinancing may have not make sense.

If you’re thinking about refinancing, make sure you first identify your financial goals. Then talk to a lender about how to make those goals happen.