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Should You Refinance Your Mortgage as Rates Drop?

Many new homeowners have been waiting for mortgage rates to drop so they can refinance into potentially shorter or lower-cost loans.

However, there are a few things to consider first. That includes how long someone plans to remain in their home. If they only intend to stay put for a few years, it may not make financial sense to pay for a refinance. 

“Make sure you take into account the amount of fees that are being charged and what are the real savings you are going to get back,” said Ken Smith, a sales manager at New American Funding based in Evans, Ga.

Ken Smith NMLS # 1693047