Are you tired of hearing about low mortgage interest rates? You’re not alone. Many of us have been thinking about it for a while now.
Here are some questions you need to think about before you make your decision:
- How long are you planning on staying in this home?
- Why do you want to refinance your mortgage? Are you looking to shorten the term and/or lower the interest rate?
- What are your current mortgage terms (balance owed, years remaining, etc)?
Are there other options for you to consider which may better suited for you that will save you money:
- Have you spoken to your current lender? You may be able to modify your existing mortgage and avoid the closing costs.
- Have you spoken to your current lender? Do they offer faster payment schedule (bi-weekly mortgage payments). You would be paying half your mortgage every two weeks, therefore making 13 total payments in a year.
There is lots to consider for your individual situation and you need to take the time to do what is right for you and your situation. Talk to your professionals that know your finances (tax preparer, accountant, financial advisor, etc.) for their thoughts. If you decide to move forward with the refinance, rates are low.