Rates are low once again. The potential for savings is there. The question that many of you have is:
Is it worth it to refinance?
This question is always valid to ask and especially now with the current lower mortgage rates. If you can save money, the answer is yes!
It doesn’t matter if you purchased your home as little as six months ago as the only reason it may not make sense is if you substantially bought down the rate.
Save Money with a Refinance
All too often the answer is it depends. It depends on how long you expect to own that particular property, where you believe rates will go, and will you need cash out for any purpose in the near future?
Going through a mortgage transaction is not without some effort. You have to put your signature on a lot of paperwork, provide some documents verifying income and assets, have your credit report reviewed and allow an appraiser to inspect your home and take a few pictures. It’s not painless, but it sure seems worth it to save tens of thousands of dollars over the life of the loan.
Would you like to put a little more into retirement this year, pay off a few of those credit cards with a higher interest rate, maybe invest in that business you’ve dreamed of or just create a little safety cushion in savings?
The question is can you save money with a refinance? And will you be better off having done so?
If you think you might be or you want to find out, then you need to act.