With mortgage rates at all-time lows, you may be asking ?Is now a good time to refinance??. This short interview from NBC?s The Today Show offers good insight.
Refinancing a mortgage is about more than just ?low rates?. For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits ? both in the short- and long-term.
The video originally ran in September when mortgage rates averaged 4.09%. Rates are different today, but the offered advice remains relevant.
Some of the key points raised include :
- The lowest rates come with the highest costs. Consider a slightly higher-rate option from your bank.
- Falling home values may make it harder to qualify for a refinance in the future. Your best time to act may be now.
- If you?re many years into a 30-year loan, you can consider switching to a 15-year mortgage to avoid ?resetting? your term.
And, lastly, the interviewee makes a strong point that your refinance should save you enough money to make paying the closing costs ?worth it?. Make sure the break-even point on your closing costs versus your monthly savings occurs within a reasonable time frame.
At 4 minutes, the The Today Show video is short, but dense with quality information. For follow-up on whether a refinance makes sense for your?situation, be sure to talk with your loan officer.
Source: http://www.mortgagechiliblog.com/should-i-refinance-home/
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