With mortgage rates lingering near historic lows, plenty of homeowners are wondering the same.
In fact, a study earlier this year showed that almost 12 million homeowners stood to refinance into a 0.75% lower rate — which could translate into tens of thousands in long-term savings.
Of course, savings will vary greatly from person to person. So, how do you know when it’s the right time to refinance your own mortgage?
There are three sure ways to tell whether you should refinance your home. We’ll explain them in detail below.