Knowing whether you should refinance your existing mortgage is a difficult question to answer. You’ve probably heard your friends or family members discussing refinancing their mortgage loan and how they have significantly lowered their monthly payment. So, you are probably wondering if and when you should consider refinancing? Here is a list of questions to ask before deciding:

• Is your monthly payment straining your budget? 
• Has your credit score improved? 
• Are you currently earning a higher income? 
• Are you in an adjustable-rate mortgage? 
•  Do you need to consolidate debt? 
• Are you planning on staying in your home?

If you answered yes to any of these questions, you should consider refinancing. Make sure you understand the terms and conditions of the loan and the cost associated with refinancing. Research the best available rates online.