One of the most common questions a homeowner has after owning their home for a a year or two is, should I refinance? The correct answer is it depends on what your goals are for you and your household.

There are a lot of reasons why many people will refinance their existing mortgage into a new mortgage, we'll summarize a few of them below. Everyone's financial situation is different. All you need you to do is get in touch with an experienced loan professional to help you with your request.

Popular Reason #1: Getting a lower paymentHaving a lower mortgage payment is what almost everyone wants? We say almost because there's always an outlier who wants to pay more interest for their own reasons. Okay, for 98-percent of us you can lower your payment from quite a few ways: reducing your interest rate, getting rid of mortgage insurance, changing the length of the mortgage.

Popular Reason #2: Getting cash out of the homeAt different times of your life you may have a need to pay off some debts, or invest and require a large amount of money to do that. No matter which ones applies to you, this is when you may want to refinance your home to get cash out by obtaining a higher loan amount than what you owe. This is called accessing your equity.

Popular Reason #3: Decreasing the mortgageBy decreasing your mortgage term, you can reduce the interest you'd pay over the life of the loan.

Just like getting a loan on a new home, the process to refinance is very much the same. Your credit score, last two paystubs, W2s, recent bank statements are required. Ever since the month of March 2020 it pays to be ready to refinance because when markets are volatile, rates will rise even in times of the Federal Reserve lowering their rates.

If you want more information about refinancing your home get in touch with a loan officer from 1st Nationwide Mortgage at 1stNWM.com