![]() When rates are at a market low, refinancing can potentially save you thousands of dollars. Some of the most common scenarios for this are: When mortgage rates have gone down. Refinancing makes the most sense when it will lower the overall cost of your mortgage. Let’s take a look at some of the most important questions to consider. You’ll want to ensure that the pros outweigh the cons, and that it’s the right decision-and the right time-to refinance. However, it’s important to understand a few basic points before you jump in and start the refinancing process. Refinancing your mortgage can be a tempting prospect for a variety of reasons, including lowering your monthly payments, taking advantage of a lower interest rate, or folding other debts into one larger loan. So what is refinancing, exactly? Simply put, refinancing a mortgage means paying off an existing loan to replace it with a new one. Naturally, many homeowners are wondering if now might be a good time to refinance. ![]() In April, they were still hovering below 3 percent, with a 30-year fixed rate of 2.97 and 15-year fixed at only 2.29. In the first week of 2021, mortgage rates across the U.S.
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