TOD's Tip #1: Refinance your mortgage.
Although interest rates are rising, they’re still below historic norms. At the beginning of 2008, the average rate for a 30-year fixed rate loan was 6.07%. If you weren’t able to refinance in the post-recession years, when rates frequently fell below 4%, you may still be able to lock in a more favorable rate than you’re currently paying.
Even if you think you might put your home on the market a few years down the road, refinancing could be your best option. The past four years have been a boom time for sellers, but the market is shifting in favor of buyers. There’s potential for a slowdown, so you may not be able to sell your home as quickly as you anticipate. Or you may opt to stay in the property until prices climb and demand heats up again. In either case, a lower interest rate may be useful.
You’ll likely want to talk with your lender or a financial adviser before deciding whether to refinance.