A good time to refinance is when you currently have an adjustable rate mortgage and the short term fixed rate is getting ready to adjust. For example if you have a 30 year mortgage on a 3/1 arm that would mean that your interest rate will be fixed for the first three years of the mortgage loan. After the first three years are up, the interest rate will adjust and then it will continue to adjust once every 12 months (once per/year) thereafter for the remainder of the loan. Usually, this is a good time to look into refinancing. Consult your mortgage professional to see what your options are and what types of mortgages you will qualify for.

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