July 2024 - iLoan USDA

Current Interest Rates: If the current rates are at least 1% lower than your existing mortgage rate, refinancing could be beneficial.
Credit Score Improvement: If your credit score has improved since you took out your original mortgage, you may qualify for a lower rate.
Length of Stay: If you plan to stay in your home for several more years, the savings from a lower rate can outweigh the costs of refinancing.
Loan Term Adjustment: Switching from a 30-year mortgage to a 15-year mortgage can help you pay off your home faster and save on interest.
Equity Utilization: If you have built up substantial equity in your home, refinancing can provide funds for other financial needs.

When is the Best Time to Refinance Your Home? Refinancing your home is a significant financial decision that can have lasting benefits if done at the right time. With mortgage rates continuing to drop, now might be the perfect opportunity...