Should You Refinance Now or Later?
With mortgage rates hovering at record lows the past couple weeks, now is a fantastic time to refinance your home and save yourself money! However, because interest rates have been dropping so frequently, homeowners are holding out on refinancing, with hopes that rates will drop lower.
If you’re one of those homeowners not wanting to spend money on a refinance now in case rates end up falling later on, you’ll find yourself quickly disappointed. Economists have been discussing how it’s going to take “heroic” measures to lower interest rates any more. Mortgage rates already don’t have much room to fall as it is, and with the economy improving, if anything, you’ll begin to see rates move upward.
So if your interest rate will be reduced by at least one point, you could be saving thousands of dollars by refinancing. The refinancing process is much simpler than when you originally bought your home, and we at Guaranteed Rate can help you through it. Contact one of our loan officers and they can give you a quick scenario with your current rate and program then suggest to you new money-saving options.
Don’t wait – take advantage of these record low interest rates today!