Now may be a good time to think about it because interest rates are low.
A home loan officer at Dakota Community Bank says many people refinance their mortgage to reduce monthly payments and, overall, save money.
However, you might not want to refinance if you’re close to paying off your mortgage — the savings from refinancing may be less than the cost.
Also, if there isn’t much difference between your rate and the current interest rate, there may be no net gain on your part.
If either of these is not the case, it could be worth checking out, because experts say rates are lower than they have been in years.
“Right now with the interest rates being so low, it’s a perfect time to either purchase or refinances your home,” says Dakota Community Bank Branch President Mark Larson. “On a 15-year mortgage, it’s a 2.875 percent interest rate. On a 30-year, it’s 3.25 percent.”
To start the refinance process, visit any bank and talk with a mortgage loan officer who will then evaluate your situation and see if refinancing is a good move for you.