Mortgage Refinancing – Is It Time to Refinance the Mortgage?
Refinancing for a lower monthly mortgage payment or to change the terms/length of your loan may prove beneficial to you if you are interested in saving money right now. For example, if you are currently paying 6.000% for your current loan, Bank of America is offering a refinance rate of just 4.875% with an APR of 4.990% with 0.500 points on a 30 Year fixed program. For a loan of $200,000 this rate will reduce your monthly payment by $126. That is a total savings of $1,520 per year! You can click here to find out more details about this offering.
The interest rate on credit cards is typically much higher than mortgage interest rates. Additionally, mortgage interest paid may be tax deductable (check with your tax advisor). Under the right conditions, it may be a smart idea to refinance your mortgage loan in order to consolidate the debt into one monthly payment.
Depending on how long you plan to stay in your home, refinancing to switch from an adjustable rate mortgage to a fixed rate mortgage could be a great move. If you plan to stay in the home for more than 10 years, then a fixed rate is probably the way to go. If you plan to move, or move up, in the near future, an ARM may save you money since the interest rates on this type of mortgage have typically a much lower initial rate.
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