Why?
The
Federal Reserve Board is in charge of setting interest rates, because of the
economy we are in right now, they have set very low rates. This makes it a very
good time for refinancing.
Why should you refinance?
If
you refinance, you can take advantage of these low rates and you can shorten
your loans. Lower interest rates mean smaller payments. So lowering your
interest by any amount can lower your payments as well! Now, if you have a long
term loan like a 30 year loan, you can refinance to make your loan term
shorter. If you made your loan a 10, 15, or a 20 year loan you can pay off your
loan faster and cheaper!
ARM refinancing
If
you have an Adjustable Rate Mortgage, then refinancing might be a good step for
you. Even though you have these great rates right now, this might not always be
the case. Refinancing to a fixed rate would allow you to not have a major jump
in your payments due to interest rates.
If you or anyone you know is looking for a low
rate with a local company give us a call (757)552-7000. Right now Consumer
Mortgage has a 10 year rate at 2.625% and A.P.R. of 2.626%
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