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Now Is The Right Time To Refinance!

For most homeowners, its still a good time to refinance.  Although refinance rates are only slightly higher than the record lows reached a few years ago, mortgages remain incredibly cheap and borrowers will even pay less than those who took out new loans last summer.

If you can shave at least a 1 percentage point from your current mortgage rate, then refinancing probably makes sense.

Here are some TOP REASONS to Refinance your Mortgage:

1. Lower your Monthly Payment: If mortgage rates happen to be lower then when you originally financed, or if you had decided upon an adjustable rate mortgage accompanied with a lower interest rate than the current rate, monthly payment will decrease. 

2. Build Equity Faster: If you, the homeowner, are able to make a monthly payment that is higher then usual, then you might want to consider switching from a 30-year mortgage to a 15 or 20 year mortgage. By doing so will allow you to build equity quicker and save more money on the financing fees. In other words, you build equity at a faster rate without putting out substantial amounts of money every month. 

3. Change The Loan Program Type: Many homeowners decide to go for an adjustable rate mortgage because of the low rates in the beginning, especially before interest rates begin to fall. However, these mortgages are quite unpredictable and may increase without warning. This means the mortgage is able to fluctuate and can do so monthly by hundreds or even thousands of dollars. Many homeowners have the desire to move to a FIXED RATE after starting with an ADJUSTABLE RATE because of its added stability. 

4. Cash Out: As a Homeowner, with equity, you may want to consolidate debts and pay off credit card accounts, send a child to college, make improvements to the home, or maybe even take that dream vacation you have been dreaming of. Cash-out refinance is an easy way to pay off credit card debt, but you should only do it if you won't quickly run up the credit cards again. 

5. Remove Mortgage Insurance (MIP or PMI): When mortgage rates are near record lows, as they are now, refinancing can allow you not only to get rid of PMI or MIP which will reduce your monthly interest payments. It's a double-whammy of savings.

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