Should You Refinance? How to Assess Your Equity

With interest rates always on the move, it’s natural to wonder: is now a good time to refinance your mortgage? Let’s break down how you can assess your home equity and make a smart decision.

1. Estimate Your Home’s Value
If it’s been a while since you checked, your home may be worth more than you think. Use a reliable online home value estimator for a quick snapshot, or reach out for a Comparative Market Analysis (CMA) for a professional opinion. The more equity you have, the better your refinancing options.

2. Compare Interest Rates
Take a look at your current mortgage rate and compare it to today’s average, which is still hovering near 6.5%. Even a small drop in rate can lead to big savings over time.

3. Consider Your Financial Picture
Think about your loan term, credit score, and monthly budget. Are you hoping for lower payments, a faster path to owning your home outright, or maybe cash out for renovations? Your goals will shape the best refinancing strategy for you.

Refinancing isn’t one-size-fits-all, but with the right information, you can make a move that fits your needs—and your future.