Part 3/11:
Amidst this debate, the consensus among financial experts is that refinancing remains a compelling option if it makes sense financially. With interest rates still elevated compared to the recent past, many homeowners can seize opportunities to lower their mortgage rates and eliminate or reduce mortgage insurance costs, especially if home prices have appreciated.
For example, homeowners who purchased with less than 20% down often carry mortgage insurance, which can be significantly reduced or removed upon refinancing—potentially saving hundreds of dollars per month. If current rates allow for monthly savings of $300 to $500, taking action now can be financially advantageous.