4 – Switch to a fixed-rate mortgage
If you currently have an adjustable-rate mortgage (ARM), you may want to refinance to a fixed-rate mortgage to lock in a stable interest rate for the life of your loan.
5 – Shorten the term of your loan
If you’re able to afford higher monthly payments, you can refinance to a shorter-term loan, such as a 15-year mortgage.
This can help you pay off your mortgage faster and save money on interest.
However, it’s important to consider the costs associated with refinancing, such as closing costs and fees, to determine whether the potential benefits outweigh the costs.