DISPELLING REFINANCING MYTHS
Have you been considering refinancing? It seems like everyone is talking about record low interest rates right now. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
YOU’RE NOT TOO LATE
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing. You can compare mortgage rates for Colorado based on your own personal financial situation at the Consumer Financial Protection Bureau’s website.
IT’S NOT TOO TIME CONSUMING
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. The amount of money you could save worth may be the time and effort.
ARMS CAN BE REFINANCED, TOO
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.
Trying to decide if now is the right time to refinance? Take a look at our article on Ways You Could Benefit From Refinancing. Have you thought about what type of mortgage is right for your situation? Learn more about Real Estate Investing, and gain some insight about the type of investment is right for you. Or order a free copy of Lauren Collier’s book, The Psychological Secrets: That Sell Your Property for More.