Is it time for you to refinance your mortgage?

It’s estimated that millions of Americans could save money by refinancing their homes but instead stick with higher-rate mortgages they obtained years ago. Why? Research shows that many homeowners believe a number of refinancing myths — they think refinancing is too complex, costly and time consuming. Others don’t think they are eligible or that there is no benefit to refinancing.

Rather than assume that refinancing doesn’t make sense for you — or that you’re not eligible — why not find out for yourself? Let’s crunch some numbers together! Home loan rates remain near historic lows. Many homeowners today could save a significant amount of money and/or accomplish other important financial goals by refinancing their mortgages.

Perhaps when you bought your home, you took out an adjustable-rate mortgage. But you plan on staying in your home over the long term and want the predictability of a fixed-rate home loan. Or maybe you want to tap your home’s equity. Those are two key reasons for many to discuss the idea of refinancing.

In some cases, mortgage insurance is a factor in the refinancing decision. Generally, private mortgage insurance is required with a down payment of less than 20 percent. In some cases, though, if you have increased your home equity past the 20 percent mark, refinancing can help you stop paying monthly mortgage insurance. It all depends on your home value as determined by an appraisal and your outstanding mortgage balance.

For some homeowners, refinancing at today’s low mortgage rates can lower their monthly mortgage payment and help them pay less in financing costs over the type of the loan.

Every homeowner’s situation is unique. We can help you review your financial situation, current mortgage terms and your financial goals. How long you plan on staying in the home matters, too. Are you a candidate for refinancing? It definitely pays to find out.