Refinancing: Is It Right For You?
It is no question that mortgage rates are still low right now, the real question is how long are they going to stay like this? Well unfortunately there is no exact answer for this but rates are looking to increase by this year. So would this be the right time for you to refinance? Let’s start with the basics.
What is refinancing? Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases or change mortgage companies. The reasons for refinancing are explained further below:
Securing a Lower Interest Rate
With rates being as low as they are now, refinancing might have crossed your mind. This is one of the most common reasons people refinance. The rule of thumb used to be