When Keeping Your Current Mortgage Is the Smart Choice

Refinancing a mortgage can lower interest rates or consolidate debt but may not always be beneficial. Extending repayment terms reduces monthly payments but increases total interest paid. Upfront costs can take years to recoup, so refinancing may not be ideal if moving soon. Switching loan types carries risks, and cash-out refinancing increases debt. No-cost mortgages often raise rates or loan amounts. Frequent refinancing can hurt credit and may face lender limits.