When interest rates drop, refinancing may be the right choice for your financial situation. Consider the following advantages of refinancing to a lower interest rate
If you have an adjustable-rate (ARM) or a balloon mortgage, reduced interest rates may make a fixed-rate mortgage more desirable, especially if you want the stability of an interest rate that does not change over time.
If you have a long time left on your mortgage, lower interest rates may make it possible to switch to a shorter-term mortgage.
If you have a jumbo loan you may be able to refinance to a “blended jumbo” and save money right away!