Refinancing your mortgage can be a good idea for a number of reasons.
Interest rates might be lower. You might be looking to reduce your loan’s term. Or you might need to access a portion of your home’s equity for debt consolidation purposes
You must, however, give refinancing some thought before pulling the trigger. Under the wrong circumstances you could end up spending more money on a refinance than you save.
Here is a list of five key factors you need to consider before refinancing your mortgage.
