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Be sure to talk with your lender about the costs and benefits of each option as refinancing will require both time and money.

The new loan should have better rates or terms that improve your financial situation.

This is the most common option and may make sense if youre looking to.

If mortgage rates are lower than when you closed on your current mortgage, refinancing could reduce your monthly payments and the total amount of interest that you pay over the life of the loan.

If your current mortgage is an adjustable-rate mortgage (ARM) and it no longer makes sense for your financial or personal goals, refinancing your loan can put you in a more secure and stable mortgage, such as the 30-year fixed-rate mortgage.

If your financial situation has improved since your purchase, you may consider refinancing to a loan with a shorter term (e.g.

Your payments will most likely be higher even if you refinance into a lower mortgage rate but you can build equity faster, own your home sooner and pay less in total interest.

Cash-out refinances generally have a slightly higher mortgage rate because you are borrowing more money, which is an added risk to the lender making the loan.

To be eligible for this option you must meet the following criteria.

In fact, its in your best interest to meet with multiple lenders and compare their Loan Estimates to determine which lender offers the best terms and cost.

It may take more time, but these extra steps can save you thousands of dollars over the long haul.

Contact your lender, your financial advisor, andor a housing counselor for advice or information related to your specific situation.

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