Mortgages
Should you or should you? Refinance, that is. If you are being wowed by the talk of historic-low interest rates, you may have considered if refinancing your New Construction Jacksonville FL home is the right move to make. Refinancing can save you a considerable amount of money on your monthly mortgage payments, and it can even allow you to cash out to pay all those mounting bills you?ve been putting off. However, refinancing isn?t right for everyone. Here are the best reasons to consider refinancing:
Secure a lower interest rate
One of the best reasons to refinance now is to take advantage of those rock-bottom interest rates. If you are refinancing for a lower interest rate, you are simply swapping out your old rate in favor of a new, lower one. For many homeowners, a lower interest rate can mean a mortgage payment that is hundreds of dollars lower than what you are paying now. If you want to know what kind of savings you will score with a lower interest rate, use one of the many online calculators.
Change your mortgage program
A popular reason to refinance is to switch out an adjustable rate mortgage with a fixed-rate mortgage. If your ARM is due to increase ? and your monthly mortgage payment along with it ? it may be best to refinance and secure a new, fixed-rate mortgage that will freeze your mortgage payment for the life of the loan.
Cash out
Many homeowners refinance to gain access to the equity in their home. If you have $20,000 equity in your home and you choose to cash out, you can use that money to pay for your child?s education, a family trip, a new car, or you can simply pay off your credit card debt. With the addition of a lower interest rate, your mortgage payment can be lower, too!
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Date: Monday, November, 5th 2012 @ 03:54:00 PMViews: 23
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Source: http://www.frankelrealtygroup.com/blog/carey-frankel/should-you-refinance/show/
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