Five smart reasons to refinance your mortgage

Reason #1 - You Could Score a Lower Interest Rate

Want a good reason to refinance? Consider this: Lower interest rates = savings...in some cases, a good chunk of savings.

"Refinancing for a lower interest rate is one of the most common reasons to lower your interest rate," says Long.

Reason #2 - You Want to Get out of an Adjustable Rate Mortgage (ARM)

If you're not fond of surprises and unpredictability, you're probably not the biggest fan of an adjustable mortgage rate, which changes periodically based on a rate that's tied to a certain index.

This means that your mortgage rate could go down -?or up?- throughout the life of your loan. And we're guessing that you're not the happiest camper when your rate takes a sharp hike.

Reason #3 - Your Credit Score is Stellar

Let's get real: Having a bad credit score - for lack of a better word - sucks. Having a stellar credit score, on the other hand, could really work in your favor when refinancing.

Specifically, your mortgage rate could be lowered when you refinance?if?your credit has improved from when you originally took out your loan, notes the Federal Reserve Board.

Reason #4 - You're Rollin' in Dough

If you recently hit the jackpot, got a generous salary increase, or came across more money than you know what to do with, refinancing could be a great option for you.

Why? Because if you're able to afford higher monthly payments, "this may allow you to shorten the term of your mortgage," according to the Government National Mortgage Association, also known as Ginnie Mae.

Reason #5 - You Want to Combine Multiple Loan Payments

If you happen to have two or more loans out for your home, refinancing to consolidate your loans might be a smart idea.

Long agrees, noting that on top of the convenience of paying just one bill, consolidating your loans could also yield an overall lower interest rate.

Source: http://www.trulia.com/blog/erika_wong/2012/07/five_smart_reasons_to_refinance_your_mortgage

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