By Mike Welch, SCLA Writer
Refinancing your mortgage is one way to save on the costs of homeownership. Especially when mortgage rates are going down, refinancing might look like a good option. According to one survey, 17% of U.S. homeowners with a mortgage on their primary residence refinanced in 2020, and 31% said they were considering refinancing in the next 12 months. However, there are many other factors that should be taken into consideration before making the decision to refinance.
So how will you know when it’s the right time for you to refinance? Here are a few things to think about before making the call.