However, if your original loan has a high rate or an unappealing term, refinancing
can be the perfect opportunity to save money and reduce monthly payments. If
you are a homeowner who:
- Plans to remain at his or her home for the next three years
- Would like to change an adjustable rate mortgage or establish a lower rate
cap
- Has not damaged your credit since your original loan
- Wants to take advantage of lower interest rates
- Needs money for home repairs or improvement
- Needs money for college tuition or other large purchases