Is it time to refinance?
Because of interest rate lowerings, the interest rates for a mortgage refinance have gone down to all time lows. The national average interest rate for a mortgage refinance being around 5.5%, homeowners can save big time by making the decision to refinance. Refinancing can free up extra money that can be used for a variety of purposed, home oriented or not home oriented.
Refinancing is often done to improve living conditions. The extra money can be used for extra groceries, a bigger or newer car or another goal that homeowners might have. Of course, the money that gets freed up by refinancing might also be used for home improvement, to increase the value and selling power of a house.
Houses are not selling as quickly as they used to, so a couple of added improvements might mean your house will sell faster for a better price. In the current market you need all the help you can get, and a well finished home is a big help in selling. Using the money that is liberated by refinancing your mortgage for home improvement is a smart investment decision.
The refinance process is best done with the help of a mortgage expert. Don't make the mistake of choosing your lender based on the lowest refinance rate alone. Instead, look at the best mortgage options for your individual situation. The choice of a wrong mortgage can haunt you down the road when an unsuspected balloon payment may come up or when you have to take out another mortgage to cover the rest of the payments.
Refinancing is often done to improve living conditions. The extra money can be used for extra groceries, a bigger or newer car or another goal that homeowners might have. Of course, the money that gets freed up by refinancing might also be used for home improvement, to increase the value and selling power of a house.
Houses are not selling as quickly as they used to, so a couple of added improvements might mean your house will sell faster for a better price. In the current market you need all the help you can get, and a well finished home is a big help in selling. Using the money that is liberated by refinancing your mortgage for home improvement is a smart investment decision.
The refinance process is best done with the help of a mortgage expert. Don't make the mistake of choosing your lender based on the lowest refinance rate alone. Instead, look at the best mortgage options for your individual situation. The choice of a wrong mortgage can haunt you down the road when an unsuspected balloon payment may come up or when you have to take out another mortgage to cover the rest of the payments.
About the Author:
Peter writes articles about mortgages in English. He writes articles about hypotheek and hypotheek oversluiten in Dutch.
posted by Credit Counseling at
2:38 PM
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