You’re likely to have equity if you own your home for at least five years.

And if you’ve got a little equity, it might be a good time to refinance your mortgage. These are some other indicators that it is time to refinance your mortgage.

Your interest rate can be reduced by as much as 1%

A 1% drop in your interest rate can save you thousands long-term. Consider this: A $150,000 15-year mortgage at 5% interest will earn you $63,500 over the loan’s life.

This compares to $49,700 in interest at 4.5% on the same house – that’s approximately $13,800 savings.

This breathing space is essential for your monthly budget.

Sending the kids to college? This kind of spending shift can have a serious impact on your budget. Refinances can result in a decrease in both your interest rate as well as your monthly mortgage payment.

You’ll be able to save money over the long-term and invest in your immediate needs.

You can change from an adjustable-rate to a fixed mortgage.

If the rate on your ARM is close to increasing, it’s a great time to lock in a fixed rate.

You’ll continue to save and your monthly payments will be predictable.

For a mortgage refinance, you will need to provide these details:

• A copy of your deed
• For each borrower, two years W-2 forms or 2 years tax returns
• Each borrower will receive one month’s pay stubs
• Repay the balance on your mortgage
• Evidence of assets
• Abstract of Title (Upstate NY only; ask for geographical details).

The application must contain at least one name listed on the deed. The home must be the primary residence of all borrowers (except for the Vacation Home product).