Refinance Your Mortgage

Even the slightest difference in your mortgage can impact your monthly payment. For a $200,000 loan, reducing your rate from 3.75% to 3.15% can lower your payment about $70 per month. Lowering your payment can help you put those savings toward paying off another debt, or saving for an emergency fund.

If you have a hefty amount of high-interest rate debt on credit cards, student loans, car loans, and/or personal loans, a cash-out refinance can help you consolidate your debt. This can help improve your cash flow and save you money in the long term, even if it means taking a slightly higher rate on your mortgage.

If you're carrying private mortgage insurance (PMI), you know it's likely costing you hundreds of dollars per month. Refinancing out of a FHA to a conventional loan when you reach 20% equity is the best way to eliminate your private mortgage insurance.

A 30-year term may have been the best decision when you first took out your mortgage, but if your financial situation has improved, refinancing to a shorter term, such as a 15-year term, will allow you to build equity faster and own your home sooner than if you stayed with a 30-year term.