Is now a good time to refinance your mortgage? When is the right
time?
Questions to consider: What is the
state of the economy? Will inflation rise? What about oil prices in
the Middle East? All of this has a bearing on whether to consider
refinancing at this time
Do you have currently have an ARM
(Adjustable Rate Mortgage)? If so, do you understand the terms? Is
your mortgage balance increasing each month?
Beware
Answer the following questions:
Do you have the option to make a
"minimum" payment? Chances are you are paying more than you would
for a traditional 30-year fixed-rate mortgage.
Will the next interest rate adjustment
on your current loan substantially increase your monthly mortgage
payment?
Are the new interest rates a few
percentage points higher or lower than if you had a fixed-rate loan
or an alternate ARM?
Here are just a few reasons you may
want to consider now as the best time to refinance ... pay off college loan, make home improvements, pay
off credit card debt. Experts unanimously agree that securing a home
equity loan or mortgage refinance is a wise choice to finance
expensive purchases and/or pay off high interest debt.
