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When is the best time to refinance my home?
(01.19.02) You should be comparing your current interest rate to the record low rates being offered right now! Interest rates have not been this low in several years. If there is more than a 1% difference in your current rate and the rates being offered today and if you expect to be in your home for a few more years, you should put a pencil to it! Most mortgage lenders will be able to calculate for you the advantages of refinancing. Look carefully at what loan costs are associated with refinancing and how long you intend to stay in your current home to evaluate whether you will recapture the cost of the loan in the savings you have gained. If you have a low rate already, but have not refinanced for several years, you may be able to put a new larger loan on your home and free up equity for other uses.
There are several sources for home financing available locally. Your REALTOR® can help you select the best places to go. You should always start with the lender that has your existing loan, since they already know all about you and your home, their loan costs may be less. Now is a great time to re-evaluate your mortgage!
Disclaimer: These answers are in general terms and may vary with specific factual circumstances.
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