Refinancing while rates are low can potentially save you big bucks but it’s not always the right move. Before you call up your mortgage lender, SmartAsset has a few reasons why you might want to put your refinance plans on hold.
Most people refinance to take advantage of lower interest rates and reduce their monthly payments (though some folks end up raising their monthly payments, but for good reason. (not to mention,
"You want to weigh the costs against the benefits before deciding to refinance." [Think refinancing is right for you? Click to compare rates from multiple lenders now. not been this low in 40 years.
Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years.
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In the meantime, here are five reasons it might be very advantageous for you to refinance right now: Remove private mortgage insurance. For most loans, if the down payment on the property is less than 20 percent, private mortgage insurance (PMI) is required.
Also, many Americans find themselves in consumer debt due to circumstances beyond their control and a refinance that did not make good financial sense two years ago may now be very appealing, based on.
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Con: If you’ve had your loan for more than a few years, you might not save in the long run. Reason 3. Switch to a fixed rate. If your original loan is an adjustable-rate mortgage (ARM) and your initial fixed term is about to expire, you may want to refinance to a fixed-rate mortgage.
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Here are the pros and cons of refinancing now.. The historically low interest rates are the best reason to refinance now, says Andrew Schrage of Money Crashers, And 15-year fixed-rate loans are dipping under 3 percent.. almost all interest-it's not until the later years that you start paying principal.