Is Now a Good Time to Refinance? Here’s How to Know.

Refinancing can be a smart financial move — but it depends on more than just interest rates. Here’s how to tell if now is the right time.

1. Your current rate is higher than today’s options.
Even a 0.5–1% drop can make a noticeable difference in your monthly payment.

2. You want to remove mortgage insurance (MI).
If your home value has increased, you may qualify for a new loan without monthly MI.

3. You want to shorten your loan term.
A refinance can help you shift to a 15-year or 20-year option and build equity faster.

4. You want to tap into home equity.
Cash-out refinances can help consolidate debt, fund upgrades, or free up cash flow.

5. You want a more stable monthly payment.
If you’re in an ARM, switching to a fixed-rate mortgage may give you peace of mind.