The decision to refinance your mortgage depends on many factors, including the length of time you plan to live in your home, interest rates and how long it will take to recoup the cost of refinancing.
Reasons to consider refinancing your home include:
Leveraging home equity so you can access funds to cover a home renovation or repair, manage an emergency, finance a large purchase, or consolidate high-interest debt
Lowering your mortgage payments by taking advantage of lower mortgage refinance rates
Large expenses that require money upfront
Reducing the mortgage term to pay off your debt faster
Switching from a fixed-rate mortgage to an adjustable-rate mortgage, or vice versa