Mortgage rates are still at an all-time low! It is not normal and a lot of homeowners are thinking about refinancing so they can get a lower mortgage rate. There are a couple of perks in doing this: your monthly mortgage payment will be reduced and your total interest cost will be reduced as well. Even if you recently got your mortgage, it still might be something to think about if the current mortgage rate is lower than what you have.
If your current mortgage rate is more than 4%, it would definitely be recommended to see what refinancing would entail for you…weigh both the positives and the negatives and see which one wins in the long run! Depending on the mortgage rate difference, some people will save more money than others.
If your credit score is high (especially higher than when you originally got the mortgage you have now) your mortgage rate will likely be lower. This is why it is important to always be working on your credit score and doing all the things to keep your credit score high or increase it, if need-be.
Another option is also a cash out refinance if you have a lot of built up equity on the home. There are many things you can do with those funds. For example, home improvements, start a new business, pay for education, etc. We would not recommend you really think about this and weigh out the consequence.
If you plan to stay in your home for for quite some time, refinancing can definitely save you a great deal of money. So if this is one of your reasons, really make sure you will be staying there for a long period of time.
If you have any other questions as it pertains to refinancing, someone would be happy to answer your questions right away!