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Are you thinking about refinancing right now? Maybe your should. According to the data from Bankrate.com, there is a rise in loan applications for refinancing. Although the total loan application went down by 1.3%, refinancing is rising from 64% to 64.2%. This data is based on the report from the Mortgage Bankers Association. Apparently, people are looking at the signs in the market and they have found that now is the right time to take advantage of the benefits of refinancing their home loan. When you refinance your mortgage, it means you are getting a new loan to pay off the old one. There are several benefits to this change. One of them, and probably the most popular, is a lower interest rate. Some people tend to improve their credit scores over time and that makes them eligible to get a new loan with a lower rate than before. Not only that, deciding to refinance your home loan could lead you to pay off your mortgage earlierthan planned. Bottom line is, refinancing will help you get better terms on your home loan. If you are able to get the right terms, this new loan can help you improve your overall financial situation. 3 reasons you should refinance right now If there was ever a great time to refinance your mortgage, that time is now. In fact, the data from TheMortgageReports.comreveal how 7 million homeowners are currently eligible to refinance. Not only that, these homeowners can save $5 billion or more collectively this year and the next. If the current trend stays on its path, the amount you can save will even be higher. Of course, you can always refinance anytime you want. If there is no need at the moment, you can always postpone it. As long as you have enough equity in your house and if you have a financial need that will benefit from refinancing, you can always choose to apply anytime you wish. However, there are three important reasons why you should consider to refinance right now. Low-interest rates. The first reason, and probably the best one, is the low-interest rates. According to the data provided by The Mortgage Reports, rates are falling and it is still expected to do so in the coming months. One of the current issues that contributed to the lower rates is the recent “Brexit.” This unexpected even rocked the world market and that make the rates sink ever lower than it had. After this move, 30-year fixed mortgages are offering 3.25% rates - if you have a good credit score. Since there was only one time in history that these rates sunk this low, homeowners are taking advantage by refinancing. If your current rate is higher than what is being offered now, you need to consider converting your old mortgage and refinance into a new one. Get rid of high-interest rate credit card debt. Another reason why refinancing now is a good idea is because of the high-interest credit card debt. Late last year, it was announced that the Federal Reserve planned to increase their rates in 2016. The financial industry was on standby because companies would have to raise their rates as well. That means your credit cards would get the same raise. According to an article published on the NYTimes.com, the Fed seems to be changing their mind about this because of the economy. While the increase in rates will not happen as initially scheduled, it will definitely push through - but at a slower pace. Before that happens, you need to get rid of your high-interest credit card debt - which can be done through refinancing. If you have built enough equity in your home, this move can give you some extra cash that you can use to pay off your credit card balance. Improve your home’s value. The final reason to refinance right now is to improve the value of your home. With the mortgage rates going down, you can expect that people will start to buy homes soon. At the moment, the housing market is slowing down. But when it does, you can be certain that the next phase is an increase in demand. If you want to earn from your house, this is a great time to improve the value of your house. There are two ways to go about this. You can refinance your current mortgage at a lower rate so you can renovate your house for rental purposes. This will help you earn from the property immediately. Since people are not buying, you can expect that a lot of them are renting. You can offer your house to tenants so you can earn some passive income. The other way that you can benefit from this is by preparing your property for a future sale. By improving it, you can increase the value of the house. That way, you can sell it at a higher price when the seller’s market comes around. These three reasons should be enough to convince you to refinance now. Take advantage of the current market conditions so you can enjoy financially benefit from your house.