There’s no “right time” for a mortgage refinance. The truth is, you can refinance your mortgage almost anytime, and if executed well, it can put you in a much more favorable financial position.
A mortgage refinance involves breaking out of your existing mortgage and entering into a new mortgage with different terms. There are a number of situations where a mortgage refinance is a good consideration.
Depending on the length of the term of your existing mortgage, if you break out early and decide to refinance, be aware of the fact that you may have a penalty to pay. The amount of this penalty will vary according to the remaining principle, the term, and how far away you are from your renewal date.
There are many instances were paying a small penalty to refinance is worthwhile when you consider the financial benefit you’re gaining.
Depending on your current finances and future needs, refinancing your mortgage may or may not be the best decision. Kachet’s expert team works collaboratively with you to understand your financial situation and guide you in the right direction. Whether a mortgage refinance today stands to provide you instant benefit, or you need an intermediate plan to prepare for a refinance down the road, we are a financial consultant and partner who helps you make the best decisions for you and your family.
Disclaimer: Kachet guide and support you in the development of a plan, putting you in touch with the right mortgage brokers, professionals, and service providers. All mortgages and loans are subject to credit and underwriting approval. Kachet is a loan search platform and advisor website, not a lender nor a mortgage broker.