The best time to get some refinancing on your existing mortgage can be decided on two factors. The first one is if you can make some improvement on the terms of your mortgage. The second is if you can lower the cost of borrowing. If you can’t do any of these then it is probably not the best time to refinance.

There are many methods of improving the terms of your mortgage. Therefore, whether you choose to refinance your mortgage depends on what you plan to accomplish with refinancing. Here are some ways people can improve their mortgage:

Remove private mortgage insurance fees. If you can demonstrate that your house is now worth more than 80% of your existing mortgage, then you will not have to pay any PMI fees anymore. This will save you a lot of money in the future because you will not be required to pay any insurance fees. People usually prefer to pay the extra 12% for PMI rather than just use that same money to reduce their loans.

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Lower your monthly payment. A lower monthly payment doesn’t always equate to a better deal. It is possible to extend the terms of your mortgage and subsequently lower monthly payments but it costs more in the long run. However, if you can maintain the terms of your mortgage and lower your monthly payments, then you get a much better deal. But then, if you can’t afford to make your monthly payments, extending the terms of your mortgage will save you money by helping maintain a good credit score and preventing foreclosure.

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