While a constantly fluctuating economy is rarely beneficial, it does every great once in a while offer a time where it is good to refinance your current mortgage. You might have heard of someone else refinancing and getting a great deal, but keep in mind that each person has a different situation. Sometimes what worked great for one person is not such a great idea for another. So how do you know when it is an appropriate time to refinance? Check out our useful tips below.

While there are tens of thousands of Americans across the country deciding whether it’s smart to buy a home, there are probably twice that many who could benefit from refinancing. Since mid-November, mortgage rates have been on the increase, which means the time to do so may be running out. Here are some of the reasons why you should think about refinancing now.

Why Do Homeowners Refinance?

If there’s one reason why homeowners refinance, it’s because they have an opportunity to get a lower interest rate. No only will their monthly payments go down – and sometimes significantly – but they will also pay less interest over the lifetimes of their mortgages, which may equal tens of thousands of dollars in savings. In fact, it’s estimated that the average homeowners could save themselves about $3000 by refinancing their mortgages right now. Even though interest rates are starting to climb, they’re still lower than most existing mortgages. read more