Should You Refinance Your Home?
Have you thought about refinancing your home? I’m in the process of refinancing right now. I looked at my existing loan and realized I probably wouldn’t get another chance this great to refinance my home. Not only is my current rate just “okay,” it’s an adjustable mortgage, so it’s a good time to trade this loan in and move to a 30 year fixed rate 4.65% loan. My current loan is at 5.75%. Not a bad rate, but it would adjust in 7 years and who knows what the rate will be then. It’s doubtful that it would be as low as it is today.
Refinancing is a good idea, but not for everyone. It has to make financial sense. Sometimes it’s not worth spending the money to re-fi if you already have a good rate. Compare your monthly payments to what your new payment would be plus your costs to refinance. Calculate how many years it would take to earn the cost to refinance back. If you think you’re going to stay in your home for longer than that time, it may make sense to refinancing.
Related posts:
- Is This The Time for You To Buy?
- Attention Home Shoppers! A Few Mortgage/Financing Updates
- Is This a Good Time for Seattle/Eastside Buyers to Buy A Home?
- Is Your Loan Officer Now A Licensed Loan Officer in Washington State?
- Protect your personal and financial information
Related posts:
- Is This The Time for You To Buy?
- Attention Home Shoppers! A Few Mortgage/Financing Updates
- Is This a Good Time for Seattle/Eastside Buyers to Buy A Home?
- Is Your Loan Officer Now A Licensed Loan Officer in Washington State?
- Protect your personal and financial information
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