“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 ARE 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. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
IT’S WAY TOO TIME CONSUMING.
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?
ARMS CAN’T REALLY BE REFINANCED.
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.
Don’t forget to see the articles HOW to hold a ZOOM CONFERENCE from your home and FRUGAL LIVING TIPS.
And never forget your EMERGENCY FUND.
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About Don Martin
Don is the founder of Martin Properties and The Reasonable Realtor, a blog about DIY home and personal finance. He went from being a manager of a Sports/Luxury car dealership to starting his own real estate company. It grew from 0 to 16 agents, and he took it state-wide from Nashville, to include Knoxville, Memphis, and Chattanooga. His business has included training agents, counseling For-Sale-By-Owners, and writing more than a dozen books about the subject. His updates can be found HERE!
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