When should I refinance my mortgage?

Homeowners typically refinance their mortgage for one of three reasons:

1. The first is to get different terms than their current mortgage loan offers, i.e. a lower refinance rate, fixed rate, mortgage payment amount, etc.
2. The second reason to go through a mortgage refinance is to leverage the equity in your home. This can mean either consolidating debt into one loan, or extracting equity in the home for other purposes.
3. A third reason that a homeowner might want to refinance is that they have a balloon mortgage loan on their home that is coming due.
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