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Right
now, interest rates are still very low. If you have a
mortgage, you may be considering whether or not you want
to refinance. Ask yourself:
- How long do you
plan to live in your home? If it's less than one
year, refinancing may not be a good option since it
takes that long to recoup your closing costs. (Closing
costs can be paid up front, rolled into your new
mortgage or eliminated by choosing a higher interest
rate.)
- Is it time to change from a long-term to a short-term
mortgage? This could greatly accelerate your
equity buildup.
- Should you use
this tax-deductible resource to liquidate cash for college, home improvement, debt consolidation,
etc.?
- Are you satisfied
with the size and location of your current home, or
should you take advantage of this low interest rate
climate to make a move?
Contact a Mortgage
Consultant or
your tax advisor for guidance.
TIP: When Refinancing Makes
Dollars and Sense - Sometimes it doesn't make sense
to refinance unless the new rate is at least 1%
lower than the rate on your current
mortgage.
Start the application process online!
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