“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. 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.
REFINANCING IS NOT JUST ABOUT LOWER MORTGAGE RATES
If you have consumer debt, such as auto loans, student loans or credit cards that are at high rates, then consolidating your debt into one low rate makes perfect sense. The idea is to wind up with one low monthly payment that is less than all the combined monthly payments you currently have. And you can have all the costs built into the loan so you have no out of pocket expense.
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 someone like myself to do a quick analysis takes just a few minutes. And besides, isn’t the amount of money you could save worth 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.