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If you haven’t considered refinancing your home at some time in your life, now may be a great time to do it. The economy is changing rapidly. There are also many great opportunities right now, that may not exist in a year or two. If you don’t refinance soon, you may miss out.  

Still don’t believe it? Here are six great reasons to find a trustworthy mortgage broker and start refinancing your home today.

Rates Remain Low – for Now

Interest rates are still at record lows. If you want to refinance your home, you can find a bank, credit union, or mortgage broker offering great rates. 

However, these conditions are almost certainly not going to last. In mid-December, the Federal Reserve raised interest rates for the first time in 2016. This will likely translate into higher costs for borrowers in the future. So the sooner you lock in your loan, the better chance you have of getting a lower rate.

Get a Fixed Rate Loan when you Refinance

If you have an adjustable rate mortgage (ARM) , you are always at risk. If interest rates begin to rise,  your monthly payment will almost certainly rise with them.

This could dramatically affect your budget. A raise in your interest rate will increase your mortgage payment. This will impact your ability to save money, pay other bills, and could even change your retirement plans. So if you have an ARM and are worried about rising rates, now s the time to refinance.

A fixed rate loan will protect you from interest rate uncertainty in the future. It will also give you the peace of mind to make a long-term financial plan with confidence.

Shorten Your Loan, or Lower Your Payment

While interest rates still remain at record lows, this may be aa great time  for homeowners to achieve one of two goals. First, refinancing at a low rate can help homeowners  reduce their monthly mortgage payments.  Alternatively, getting a low rate at 20 or even 15 years can help them shorten their loan as well. .

You can pay down other debts with higher interest if you look in a lower mortgage payment. A lower payment can also enable you to save for retirement, or invest.

Likewise, with rates so low, you may be able to refinance your home from a 30 to a 20-year loan without a significant increase in the amount of the monthly payments (depending on your original home loan). This will save you thousands of dollars in interest over the course of the loan.

Mortgage Insurance Remains Cheap

In 2015, the Federal Housing Administration lowered the mortgage insurance rate from 1.35 percent to .85 percent on FHA-backed loans and the rate has remained low ever since. By some estimates, this can save homeowners up to $900 annually when they refinance their homes. 

Like anything else, these rates may not last forever either. This is yet another reason to take the plunge now if you are considering whether or not to refinance your home.

Cash In Your Equity

Chances are if you bought your home sometime around the great recession, it has increased substantially in value; home prices have largely recovered from the plunge they took after their peak in 2006, and have surged nearly 6 percent in the last year alone.

If you have considered starting a new business, buying a rental property, or making substantial investments in the near future, you could use the refinance to cash out the equity in your home and then put the money towards those endeavors.

This requires careful consideration, of course, since you are essentially taking on additional debt, but doing so may provide you relatively fast access to cash that you could not otherwise obtain. Be sure you’re financially responsible enough to take on more debt, because otherwise you’ll just end up doubling your problems and have a mountain of debt to pay off later.

Consolidate Your Debt

Replacing high-interest debt with a lower-interest mortgage has many appeals, the most significant being that it leaves you with more available credit for other purchases. However, there are also plenty of dangers that come with consolidation, and it’s not the right path for everyone.

To consolidate successfully, you’ll have to already be financially responsible and in control of your spending. It’s tempting to use all that extra cash and credit availability to go on a spending spree, but keep in mind that doing so will only dig you deeper into debt. You still have to pay off all those expenses at some point, and if you can’t rein in your spending and maintain a healthy budget, you’ll likely end up in more trouble than when you started.

That being said, if you’re already financially responsible and can avoid the temptation of creating more debt, consolidating your debt can lower your monthly payments and save you a lot of money in interest.

Final Thoughts

Refinancing your home can be a great way to lower your monthly mortgage payment and build equity in your home, giving you more cash to use elsewhere. Before refinancing, though, it’s important to ask yourself a few questions, such as how long you plan to live in the home, whether you can maintain financial responsibility with access to more cash, and how much money you’ll actually be saving by refinancing.

If you determine that refinancing is for you, be sure to get competent financial advice before doing so. As with any financial decision, caution and care need to be taken so that you can come out with the best possible outcome.

William Lipovsky owns the personal finance website First Quarter Finance. His most embarrassing moment was telling a Microsoft executive, "I'll just Google it."

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