Refinance 101

April 23, 2020 Mortgage Refinance,Mortgages

MoneyTips

Are you considering refinancing your home? You may want to act before interest rates rise further.

The refinancing plan that’s right for you and your family depends on your current financial situation. Is your home underwater (that is, you owe more on your home than it is currently worth) and you need to secure a lower monthly mortgage payment to avoid foreclosure? Are you in a stable situation, but want to take advantage of lower interest rates? If so, generally a .5 to .625 (1/2 to 5/8) of a percentage point lower interest rate recoups most of the refi costs. Would you simply like to shorten the term of your loan to pay it off faster?

“Rate isn’t the only indicator of when it’s a good time to refinance,” explains Greg McBride, Chief Financial Analyst for Bankrate.com. “There are also other instances, changes in your life circumstances – maybe you got divorced; maybe your family is growing; or you have to add an in…

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