Refinancing

Refinancing your current home

Talk to us to see if this is the right time to refinance.

Right now, interest rates are still very low. If you have a mortgage, you may be considering whether or not you want to refinance. Ask yourself:

1. How long do you plan to live in your home? If it's less than one year, refinancing may not be a good option since it takes that long to recoup your closing costs. (Closing costs can be paid up front, rolled into your new mortgage or eliminated by choosing a higher interest rate.)
2. Is it time to change from a long-term to a short-term mortgage? This could greatly accelerate your equity buildup.
3. Should you use this tax-deductible resource to liquidate cash for college, home improvement, debt consolidation, etc.?
4. Are you satisfied with the size and location of your current home, or should you take advantage of this low interest rate climate to make a move?

Contact a Mortgage Consultant or your tax advisor for guidance.

TIP: When Refinancing Makes Dollars and Sense - Sometimes it doesn't make sense to refinance unless the new rate is at least 1% lower than the rate on your current mortgage.