If you bought your home when mortgage rates were higher than you’d hoped, with plans to refinance once they dropped, you’re not alone. Many homeowners take this approach, but figuring out the right time to refinance can feel tricky. To get some clarity, I asked ChatGPT when it actually makes sense to refinance and when it doesn’t. Can You Say Yes to These Situations? ChatGPT suggested that a homeowner is in a “strong position” to refinance if you can answer yes to several of the following: Big enough d ...

You may want to refinance when mortgage rates drop or you have a significant amount of home equity. However, before starting the process, it is essential to understand the pros and cons. Refinancing your mortgage means trading in your original home loan with a new one. And while this process offers many benefits — such as allowing you to lock in a new interest rate or lower your monthly payments — it also comes with some drawbacks that could potentially be a deal breaker. Determine whether to use the same ...