The top 3 reasons why most homeowners refinance their home are:

1. Savings – Move to a lower rate and term. Though with rising rates, this may or may not be a possibility for you. It’s good to get quotes from a few lenders to see how much you can save by refinancing to a lower rate.
2. Payoff More Quickly – Many homeowners are refinancing their 30-Year fixed mortgages to 15-Year fixed rates.  This helps them pay off their mortgage more quickly.
3. Cash – Some homeowners need funds to pay off higher interest debt or to pay for home improvements.  Since mortgage debt is typically some of the cheapest consumer debt available, it makes sense fiscally to pursue refinancing.

A cash-out refinance is a way for homeowners to access the equity that’s in their home.  With rising home values, many homeowners don’t realize they can get cash out of their home by refinancing. These funds can be used to pay off higher interest debt (credit cards, personal loans, medical bills, student loans, etc…) or be used as funds for home improvement.

The best way, is the old-school way. Get quotes from AT LEAST 3 lenders.

Before getting quotes, make sure you know your credit scores. Be sure to pull them from all 3 credit reporting bureaus (Equifax, Experian, Transunion). If your scores are lower, you’ll want to work to fix this before refinancing, as your creditworthiness is a powerful negotiating tool when speaking to lenders.

It depends.

Rates are still near all-time lows, BUT they have started to trend upward over the last few months.

If you haven’t refinanced your home in the last 10 years, you’ll definitely want to pursue refinancing now…  as rates will more than likely be lower than your current rate.

However, getting a lower rate isn’t the only reason to refinance.  Many homeowners want to shorten their loan term or take cash out of their home, and are willing to move to a higher rate to accomplish their goals.

Feel free to get refinance quotes from at least 3 different lenders to see if it makes sense for you.

Refinance rates are project to move even higher in the coming months. You don’t want to continue to wait.

Generally 30-45 days.  Though it can complete inside of a few weeks.

So the process isn’t super-quick, BUT can be a worthwhile investment of your time if you’re moving to a lower rate or taking cash out of your home to pay off bills or do home improvements.

Refinance rates are projected to move even higher in the coming months. You don’t want to continue to wait.  Go ahead and get started now. Obtain your credit scores, and reach out to lender to get quotes.