Thinking about Refinancing ? Read This…
If you’re a homeowner, you may have refinanced your mortgage, or perhaps the recent declines in mortgage interest rates have you thinking about it.
For the first time since 2005, mortgage interest rates have dipped below 6%, triggering a small boom in refinancing. Applications to refinance loans jumped 135% between November 2, 2007, and January 25, 2008, according to the Mortgage Bankers Association.
Depending on your mortgage, refinancing can lower your interest rate, reduce your monthly loan payment, and leave you with additional money to pay down debts and invest for retirement. A lower mortgage rate can translate to significant savings in the long term—if you use those savings wisely.
A chance to revamp your finances
Consider savings from your mortgage refinance a gift that can keep on giving—an opportunity to invest in your future.
“If you’re able to reduce your mortgage cost through refinancing, that gives you the ability to save more for retirement […]
Original post by Everything Finance