Interest rates have risen, but that doesn’t mean you should walk away from a refinancing deal. Today, interest rates for 30-year fixed mortgages continue to be at historically low – and surprisingly affordable – levels. For many people, that makes refinancing a viable option.

Continue reading for examples why refinancing might be a good idea for you.

This section is sponsored by : We get you approved quickly Interest rates are at historical LOWS. With our easy, hassle- free application, we'll quickly match you with a top lender in your area based on your needs. Quick-Mortgage-Loans.com

Refinancing makes sense if:

You Were Fence Sitting
Many people sat and watched as interest rates fell, certain they would fall even further. If that describes you, don’t worry; there is still time to secure a favorable rate.

You Are Paying Too Much
It makes sense to renegotiate if there is a two-point difference (or more) between the interest rate you are paying and what is being offered – and if the costs of refinancing are not prohibitive. Hold off if you plan to move soon – as you will need time to recover the cost of refinancing.

You Want to Be Mortgage Free
Refinancing provides you with an ideal opportunity to accelerate mortgage repayment. If you have more disposable income – because your kids have moved out or you have a new job – you may want to use the extra funds to pay off the mortgage sooner. You’ll pay significantly less in the long run.

Your Mortgage Doesn’t Suit You
Are you in an adjusted rate mortgage but would prefer the stability of a fixed rate product? Refinancing will provide you with an opportunity to switch.

You Want to Consolidate Debt
Through refinancing you can pay off your high interest bills and take advantage of the lower interest rate and the tax-deduction.

To Improve Your Credit Rating
If you are having trouble making all your bill payments, you may be able to renegotiate your mortgage, pay off your outstanding debts and improve your credit rating – all while securing a lower interest rate.

To Finance Home Repairs or Home Renovations
What better way to finance home repairs or home renovations (and add value to your home) than through your mortgage? During refinancing you can choose the cash-out option, which allows you to withdraw funds and add them to your mortgage balance.

To End Private Mortgage Insurance Payments
You are no longer required to pay private mortgage insurance premiums if your equity has increased to 20% or more. Refinancing will allow you to put an end to this unnecessary bill.

Despite rising interest rates, it may still be a good time for you to consider refinancing.