FinancingFor BuyersMortgagesReal Estate August 26, 2011

Is It Time to Buy or Refinance?

interest rate chart 8-1-11

Interest Rate chart 8-1-11

It’s hard to believe that rates are as low as they are these days.   If you’re not buying, think about refinancing your home.   I just refinanced my home with a 7 year arm for 3.1%!  It lowered our monthly payments by $300.

An adjustable mortgage may not work for everyone, but with fixed rates in the low 4% range, there’s a huge savings that can be had there, too.

Buying or refinancing a home or condo now is not for everyone.  Unfortunately, some people may not want to or are not in a great position right now to do either.  But if it something you’re considering, then check out what the payback would be based on the number of years you might stay in your home.  If you plan to be in your home for a while, it could very well be worth refinancing.  Talk to a mortgage professional you trust to help you decide if it’s worth taking advantage of these great rates.