The answer depends less on the market — and more on your life.

You’ve probably asked yourself this question:
“Should I refinance right now?”

It’s a smart question — and with mortgage rates changing often, it’s one that doesn’t always have a one-size-fits-all answer.

But here’s the truth: the right time to refinance isn’t always when rates hit rock bottom. It’s when a refinance makes your financial picture better — and your life easier.

Let’s break it down.

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💡 When Is It a Good Time to Refinance?

Here are a few scenarios where refinancing usually makes sense:

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✅ You Want a Lower Monthly Payment

Even if rates haven’t dropped much, refinancing might lower your payment if:

• You’ve gained equity
• Your credit score has improved
• You extend your loan term (e.g., 25 years back to 30)

Sometimes it’s not about chasing a rate — it’s about getting breathing room in your budget.

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✅ You Want to Eliminate Mortgage Insurance

If you bought with less than 20% down (especially with FHA), you may still be paying PMI or MIP.

Refinancing into a conventional loan could:

• Remove that extra monthly cost
• Save you hundreds per month
• Simplify your statement

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✅ You Want to Access Equity (Cash-Out Refi)

Home values have risen in many areas — and you may be sitting on tens of thousands in untapped equity.

A cash-out refinance could allow you to:

• Pay off high-interest debt
• Renovate or update your home
• Create a financial buffer in uncertain times

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✅ You Want to Pay Your Loan Off Sooner

If you’re in a stable financial place, refinancing to a 15- or 20-year loan can:

• Build equity faster
• Save you tens of thousands in interest
• Align with retirement or big-picture goals

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🧠 It’s Not Just About the Rate

Yes — rates matter. But so do:

• Your income and job stability
• Your home’s value and equity
• Your current financial goals
• Your overall debt picture

Sometimes even a refi at the same or slightly higher rate can still save you money through better terms, dropped insurance, or debt consolidation.

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🚫 When Might It Not Be the Right Time?

Every situation is different, but refinancing might not be ideal if:

• You plan to sell soon
• You already have a very low rate and no other benefits apply
• You don’t yet have enough equity (we can help you check)

We’ll always give you the full picture, not just a “yes” to get your loan started.

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🏢 Why PRMI?

As a direct lender, we don’t send your loan off to the highest bidder.
We guide you with:

• Personalized side-by-side comparisons
• Clear breakdowns of what refinancing could do for you
• A smooth, in-house process from application to closing

No pressure. Just clarity.

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👇 Curious Whether Now’s the Right Time?

Let’s talk about your goals, loan balance, and options — and see if refinancing actually moves you forward.