How to Save with a Home Refinance
Housing costs are generally one of the largest components of most household budgets. With interest rates changing so frequently, you should periodically determine whether refinancing at current interest rates would save you money.
To determine whether you should consider refinancing, you need to compare the costs of obtaining a new mortgage with the savings you will enjoy with a reduced interest rate.
The mortgage calculator on our website (www.FSB1879.com) can make the calculation easier. It can easily determine estimated monthly payments for any size mortgage with any interest rate.
When reviewing the feasibility of refinancing, you may also wish to consider refinancing a larger or smaller amount than the current balance of your mortgage. If you have excess funds available and believe you will have a hard time earning a return greater than the mortgage rate, you may want to pay down your mortgage and get a new one that is smaller.
If you have other liquidity needs, you may want to refinance a larger amount to free up some of the equity in your home.
No interest rate environment lasts forever. Unfortunately, there is no crystal ball that will tell you when rates have reached their lowest level.
Contact an FSB home loan expert to help you evaluate whether refinancing now makes sense for you. Evaluating the type of mortgage you want can help you take control of one of your largest household expenses.