With mortgage rates at near historic lows, you may want to consider refinancing your loan, but should you? If you plan on staying in your home for at least 5 more years then depending on your current interest rate, going through the refinance process may be just the thing to reduce your monthly payments and relieve some unnecessary stress from your day to day life. And if you don’t need to use the extra few hundred dollars per month that you may save, you can either use that to make extra principal payments and pay off your mortgage sooner or add to your kid’s education fund or even take that family vacation you’ve been wanting to provide for your family.

With the lower rates offered today, you may be able to switch from your 30 year fixed loan to a 15 year and not see a dramatic change in your monthly payment. The end savings however could be phenomenal!

Many areas of the country have seen huge increases in market value meaning without doing anything at all, your equity has increased as well. So, if you need extra funds now for college, medical expenses, family needs or home improvements, with your home’s increased equity and lower interest rates, you may be able to increase your primary mortgage with little change in your payment instead of tacking on a second mortgage home equity loan.

A lot to think about? Perhaps. But for you, now may be the time to be thinking about it and moving forward. Do some online research and then sit down with a trusted professional to walk you through all your options and bottom lines. If you decide to refinance at the right time, you could be putting thousands of dollars into your own needs and savings!!