The Time is Right to Buy or Refinance at Today"s Low Mortgage Rates
Mortgage rates are probably the best right now that you're ever going to see them. Of course, we hope that's true, because it would take a complete depression for the economy to allow the rates to go any lower, and we're all praying for a speedy economic recovery which will mean that interest rates will rise again. If it's feasible for you to purchase a new home or refinance an existing one, then now is the time. By taking advantage of the great mortgage rates in Madison, WI, you will end up saving a whole lot of money instead of putting it into a banker's pocket.
Many people are holding off on buying or refinancing, because they think that rates will go even lower. Experts on finance, however, don't believe this will be the case. They recommend doing what you need to do now, while you can, because they predict rates will be starting back up in the near future. Besides, if you obtained your current mortgage on an adjustable interest rate, like so many people did, then it may well be getting ready to change to a fixed rate at the rate that was set forth in the mortgage. For many, this has already meant higher payments which they haven't been in a position to pay. Read over your mortgage to see if this is about ready to happen to you. If it is, you'll want to refinance in order to get the lower rates.
Of course, it isn't cheap to refinance, so you want to make sure that the amount you'll save at the lower rate isn't more than you'll save over the term of the mortgage. Our recent refinance cost $5,600 all told, but we stand to save $159,000 during the term of the mortgage. We also plan to stay in our house for many years, so we'll have a chance to recoup our money. If you are planning to sell your home any time soon, a refinance will never pay.
When done at the right time and at today's low mortgage rates, Madison, WI can be a perfect place to buy a new home or refinance your current residence. The same is true if you live in Bangor, ME, Abilene, TX, Helena, MT, and anywhere else in the United States. You're never going to have another chance in your lifetime to save so much money buying such a nice home, so it's time to go for it!
Many people are holding off on buying or refinancing, because they think that rates will go even lower. Experts on finance, however, don't believe this will be the case. They recommend doing what you need to do now, while you can, because they predict rates will be starting back up in the near future. Besides, if you obtained your current mortgage on an adjustable interest rate, like so many people did, then it may well be getting ready to change to a fixed rate at the rate that was set forth in the mortgage. For many, this has already meant higher payments which they haven't been in a position to pay. Read over your mortgage to see if this is about ready to happen to you. If it is, you'll want to refinance in order to get the lower rates.
Of course, it isn't cheap to refinance, so you want to make sure that the amount you'll save at the lower rate isn't more than you'll save over the term of the mortgage. Our recent refinance cost $5,600 all told, but we stand to save $159,000 during the term of the mortgage. We also plan to stay in our house for many years, so we'll have a chance to recoup our money. If you are planning to sell your home any time soon, a refinance will never pay.
When done at the right time and at today's low mortgage rates, Madison, WI can be a perfect place to buy a new home or refinance your current residence. The same is true if you live in Bangor, ME, Abilene, TX, Helena, MT, and anywhere else in the United States. You're never going to have another chance in your lifetime to save so much money buying such a nice home, so it's time to go for it!
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