You may be able to save money in the long run by refinancing your home loan at a lower interest rate. For example: You can save $134 per month by refinancing from 8 percent to 6 percent on a 30-year $100,000 home loan. If the conditions are right, refinancing can be a great idea, but there are many factors to consider before you go through with it.

When is the right time to refinance? 
Refinancing isn’t right for everyone all the time. Even if interest rates are lower, closing costs and the costs of paying off a new loan over a longer period of time can be high.

Consider refinancing if:  

• Mortgage interest rates are lower
• Your credit has improved 
• You plan on staying in your home for a long time 
• You have many years of payments left on your loan 
• You have equity in your home 
• You are good at managing your money  

How to refinance your home
Contact a Modern Woodmen representative for help deciding if now is the right time for you to refinance. Then, shop around for a solid lender with the low interest rates and closing costs. Modern Woodmen of America’s wholly owned subsidiary, Modern Woodmen Bank is a great place to start.