Is A Low Mortgage Rate Refinance Right For You?
With the lowest rates in 40 years, many homeowners are thinking of refinancing their mortgage
. It pays to investigate the rates and types of loans available for a low mortgage rate refinance. Check out the rates that are now being offered online, and then contact a mortgage professional for a complete assessment of your borrowing power and the loans available to fit your needs.
First, you will want to find out if a refinance is the right financial move for you. As with all mortgages, there are fees associated with refinancing, so you will want to balance those costs against the benefits of a lower monthly payment or a lower interest rate. If you are staying in your home a few more years, a refinance may be worthwhile for you. If you have equity built up, you may want to tap into that for cash out at the new low rate.
After investigating mortgages online, you'll really want to talk personally to a mortgage professional. Make sure you understand the terms of your mortgage. You'll want to know up front about fees, the monthly payment, and the loans for which you are qualified. It pays to carefully calculate if a refinance is the right move for you personally.
For most people, the big plus of a refinance at a lower rate is lowering the monthly payment. This is a big plus for you if you are experiencing financial difficulty, or if the housing market has gone so far down as to make your house worth less than you owe. If you are staying in the house for a while, a lower monthly payment will make the difference for you! You won't see a reduction in the principal, but you will pay less interest over the life of the loan.
Speaking of the loan term, you might want to consider if you want a 30 year term, or if a 15 year term works best for you. If you want to reduce the monthly payment, you are probably better off with the longer term. However, if you really want to build equity and pay down the loan faster, a 15 year term may be much better for you.
Contact your mortgage professional to see if a low mortgage rate refinance is the right move for you.
by: Jane Doyle
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