2022-11-25 12:32:29

You May Want to Refinance Your Mortgage Before 2022 Ends. Here's Why

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Nasdaq
By The Motley Fool

Image source: Getty Images

When mortgage rates dropped to record lows during the latter part of 2020, many homeowners rushed to refinance their home loans. In fact, there was a point when the demand for refinances was truly overwhelming.

But those days are long gone. Mortgage rates have risen sharply since the start of 2022. As such, refinance demand has shrunk substantially, and understandably so.

In fact, it's fair to say that in general, right now isn't a great time to move forward with a refinance. But there's one specific situation where it does pay to refinance your mortgage before 2022 comes to a close.

When you want to take cash out of your home

Although mortgage rates are up right now, you might snag a lower rate on a refinance than you will for a home equity or personal loan. If you need access to cash, your home might be a good source of it -- and a cash-out refinance could be a smart bet.

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