Mortgage refinance and time

As with every other decision affecting your mortgage, time can be a friend or foe. When it comes to mortgage refinance, time becomes an even bigger factor in determining when and how you should -- or even if you should -- refinance your loan.

If you're in your mortgage for the long term, refinancing becomes a true and valuable option. A possible influx of cash could go far in helping with home improvements. Even a simple lowering of your rate, by as little as a point, could make a vast improvement in your family's financial well being. If you're truly in the home for the long term, it might be worth incurring new closing costs and locking in a new rate.

Of course, time is not your only determining factor in a mortgage refinance.

You may be comfortable with your current mortgage rate, may not have the inclination or the energy to try for a mortgage refinance, or your property may not be worth the amount you need to make a refinance lucrative to you at this time, but remember at all times, this is your loan; no one else pays your mortgage bill. If a refi even seems to be a viable possibility, it is worth exploring. It takes a small amount of effort -- and, yes, time -- to determine if you even have a chance at a better rate, not to mention an improved financial future, with a mortgage refinance.

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