Wondering when’s the right time to refinance your mortgage? 

Here are some key points to consider:

1. Secure a Lower Rate: 

Typically, it’s financially beneficial to refinance if you can snag a rate that’s at least 1% lower than your current one.

2. Current Rate Landscape: 

With average rates hovering around 7%, refinancing might not be as appealing. However, rates are expected to drop to about 6% by year-end 2024.

3. Assess Your Goals: 

Refinancing isn’t solely about rates. Evaluate your short-term and long-term objectives.

4. Reasons to Refinance: 

You may want to switch from an ARM to a fixed-rate mortgage, eliminate mortgage insurance on an FHA loan, adjust your loan term, tap into home equity, benefit from improved credit scores, or remove someone from the mortgage due to life changes.

When you’re ready to refinance, Safe Harbor Title is here to help with all your closing and settlement needs.