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By Nathaniel Hutchinson

Although soaring home prices have been bad for buyers, they’ve been great for homeowners. High home values make now a great time to lower your mortgage payments through a home refinance plan. Here’s how you can refinance your home loan to lower your monthly mortgage payments.

Why Refinance Now?

There are generally two great times to refinance a mortgage: when interest rates are low or home values increase enough to add substantial value to a property.

Right now, limited inventory and increased buyer competition have combined to cause home values to increase throughout most of the country. If your home has increased in value, you can get lower mortgage payments by refinancing your original mortgage loan as long as you choose the right lender.

Not Everyone Can Benefit

It’s important to note that while home values have skyrocketed in most parts of the country, this may not hold true in your area. Likewise, if you aren’t able to get good refinancing rates with no closing costs, you’re going to have to foot the bill for some upfront fees. Though you may lower your mortgage payment, if you can’t find rates low enough to offset these costs, you may ultimately end up saving very little.

To get the best rates, it’s best to compare offers from multiple lenders. It’s also important to get good faith estimates on closing fees, so you can get a decent idea of how much your home refinance plan will end up costing you in the end.

When it comes to mortgage refinancing, you need to weigh the cost against the gain, or you simply will not come ahead in the long run. That said, it’s definitely worth investigating, especially while home values continue to remain high.

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