With interest rates at historic lows, you may be wanting to know if this is a good time to refinance your home loan. Here are some things to consider when making a decision on whether or not to refinance:
• How low is the rate?
When you factor in closing costs and fees, a fractional rate reduction may not save you any money. Your mortgage lender can crunch the numbers and help you determine if refinancing makes sense.
• How long do you have left on your current loan?
If you only have a few years left on your mortgage, you may not want to refinance to another 15-year loan.
• Are you planning to sell?
If your plans include selling your home in a year or less, refinancing might not make much sense.
• What will it cost to refinance?
Appraisal fees, title fees, underwriting fees, application fees, pre-paid escrow costs, and other costs need to be paid by you at closing. Ask your financial institution what to expect.
Contact Telcoe FCU today at www.telcoe.com and fill out the “Should I Refinance” form.
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