When I should refinance?
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
A cash-out refinance increases your mortgage debt and reduces the equity you may have in your home.
Your monthly payments may be higher.