Right now rates are fantastic! A recent article on Bloomberg suggests that Loan Rates are nearing a record low. If you are thinking about refinancing your mortgage, here are some things to consider.
One benefit of a “Refi” is to simply reduce your monthly mortgage payment which allows you more spendable income. Depending on the loan amount and interest rate reduction, you could end up saving several hundred dollars per month.
Another benefit could be reducing the term of your loan from 30 years to a 20 or 15 year term. This can generate great savings for you when your payments stay the same but the loan will be paid off in half the time.
Another reason to consider a refinance is if you currently have a ARM (Adjustable Rate Mortgage) loan. A low rate environment can allow you to “Refi” into a fixed rate loan with little or no increase in payments and will not be subject to future market volatility.
Mason-McDuffie Mortgage believes that “Your Financial Security Begins at Home.” We can help you with any of your refinance questions and help you make the right decision for you and your family.
Marilyn J. Richardson – President & CEO