The best time to refinancing is when it will save you money. You may
be eligible for a lower rate, and reducing your monthly payment. Or, you might
be able to find better suitable terms for your loan. Maybe switching over to a
15 year loan rather than a 30 year loan.
You may also consider converting your adjustable rate mortgage to a fixed
rate. Adjustable Rate Mortgages (ARM's) can be risky because your rate can
change. A fixed rate offers more stability. Depending upon the current
financial climate, you may find a better rate in a fixed market.
Debt consolidation is one of the most popular reasons to refinance. You may
reduce the interest that you are paying on your credit cards balances by
refinancing your home and consolidating your debts.
No one has a crystal ball to gaze into the future of the refinance market.
The best time to refinance depends upon your individual situation, and
There are many factors to consider:
How long will you be in the home?
What is your current interest rate?
What is the value of your home?
What is the benefit for you in refinancing?
The best answer is to contact your mortgage professional and ask them to
help you keep watch on interest rates and advise you as to the best time to
refinance given your individual situation. Our
program is designed to help you in do just that. Your mortgage professional can help
you calculate costs, and analyze the best time and methods for you to
refinance. They can review your current mortgage loan and assist you in making
wise financial decisions.
When you are ill, you see a doctor, when your car breaks down, you see a
mechanic. Don't hesitate to find a mortgage professional to advise you. You
will save a lot of time and frustration in the future by contacting a mortgage
professional before you have to refinance. Finding the right mortgage
professional is essential, and the first step in refinancing.