The answer may be “yes” if:
You’ve seen improvements
in the value of your home, mortgage rates have dropped and/or your credit score has gone up. All these factors could influence your decision to refinance and cause a decrease in your monthly payments.
You’ll save more than it will cost you
to refinance. Remember, refinancing a loan comes with costs. If the amount it will cost you to refinance is significantly lower than the amount you’ll be saving over time with a new monthly payment, then a refinance might be a great option for you.