I still have customer inquire about refinances at least once a week, if not more. The reality is that although the days of fixed interest rates in the 5% range are long gone, rates are still historically low.
To determine whether or not a refinance is appropriate for you, there are a few factors to look at:
1. Do you have a Home Equity Loan that keeps increasing as the Prime has? This affects a lot of people as the prime is now at 7.5% (thank you Mr. Greenspan).
2. Is your rate at least one percent higher that the current rate?
3. Will taking cash out of your home reduce your debt load? (it will certainly increase your mortgage tax deduction if you increase your mortgage)
4. What is your mortgage balance? A lower rate on a smaller mortgage may not be the best move.
5. Are you in a Chapter 13 bankruptcy, and want to pay it off?
These are just a few scenarios and every client has a unique circumstance. Call me to discuss your situation and discuss a mortgage solution. I can be reached via 24 hour voice mail at 1-800-453-9290.
Have a great weekend!
Anthony
