With mortgage rates at historic lows, you may be thinking about refinancing you mortgage. Is now a good time? Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out a new mortgage on the same home, often at a lower interest rate. It may sound like a no-brainer, but there are many factors to consider.
Two reasons a refinance might be right for you:
1. Your credit is strong and you’d like to lower your monthly payments -The current mortgage rate environment makes this an excellent time to refinance with a lower interest rate. If your credit is strong, a refinance can save you hundreds of dollars on your monthly payments.
2. You’d like to shorten the life of your loan - If you have a mortgage with a high interest rate, but you can easily meet these payments, consider refinancing to a shorter-term loan. You may be able to pay off your loan in half the time without changing your monthly payment much.
When refinancing your mortgage is a bad idea:
Before proceeding with your refinance, make sure you’ll actually be saving money. Ideal Credit Union has a number of mortgage loan refinancing options to consider, including our NEW 10/5 ARM loan. Our Mortgage Loan Advisors would be happy to sit down with you to discuss your individual situation and goals. Click here for an appointment to learn more.
Equal Housing Lender, NMLS# 401783
Sources:
https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/
https://www.investopedia.com/mortgage/refinance/7-bad-reasons-to-refinance-mortgage/
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