Monopoly made it seem so easy. But in real life, there’s no advancing to…
Here are 4 Reasons to Refinance Your Mortgage, and soon!
(article by Maurie Backman)
- Interest rates are going up.
If you’ve been toying with the idea of refinancing, you may want to lock in a better rate before it’s too late.
- You want to lock in a fixed rate.
If you refinance an ARM to a 15- or 30-year fixed mortgage, you’ll get the benefit of predictable payments for the remainder of your loan.
- Your salary has gone up significantly.
Swapping a 30-year loan for a 15-year mortgage is an especially wise move if you’re aiming to have your home paid off sooner, such as in time for retirement.
You have more expenses — and less cash — than before.
Perhaps you’ve added more children to your household, or have a partner who’s no longer earning an income.