Any combination of these can provide some relief to your monthly budget and / or help you speed up the payoff of your mortgage.
Use the funds for a home improvement project or to pay off or restructure debt (psst… a cash-out refinance does require a 0.5% APR1 rate increase).
Switch from a fixed rate to a variable rate or vice versa.
So you’re able to remove a borrower or co-borrower due to unforeseen circumstances.
This one’s pretty self-explanatory…
Not planning to stick around for very long? Then skip the mortgage refinance.
Make sure the plans you have for the cash you’re pulling out is in your financial best interest (especially if your monthly mortgage payment and overall mortgage loan cost will increase).
If you can recoup your mortgage refinancing costs in 2 years or less, it’s generally a good idea to move forward with your refinance.