We've all been hit by the recession. We've seen home prices fall. And depending on where you live, it's not getting any easier to find a job. The slowing economy doesn't have people feeling too confident about their own financial situations.
So what's the good news?
Mortgage interest rates are at record-lows. Really, rates haven't been this low since Eisenhower took office in the 50's! This has resulted in a significant jump in the number of people refinancing their home loans. The opportunity to lock-in a lower monthly payment with these historic mortgage rates is one that you should not pass up.
We can all agree financial stability is a good thing in times of economic uncertainty. This is what a fixed-rate mortgage will give you - security and the ability to avoid unexpected surprises. In a turbulent housing market, this is essential.
Here are a few good reasons to refinance into security and stability with a fixed-rate mortgage.
Lower Your Rate with Quicken Loans
Considering the volatility of the current mortgage environment, there's no telling when rates could shoot back up. If you refinanced to a lower mortgage rate, you would be lowering your monthly mortgage payment and potentially saving hundreds throughout the life of your loan.
No Payment Fluctuation
One can guess when interest rates will start going up again, but no one can say for sure. Don't delay by shopping for lower rates - you won't be able to find much better in the current market. Lock-in a low mortgage rate today and pay the same monthly payment throughout the life of your loan.
Eliminate High Interest Debt With Cash Out Refinance
Is credit card debt a concern? Consolidate your high-interest credit card debt into a more manageable lump sum. Mortgage interest is tax-deductible whereas credit card interest is not. This could work to your advantage and could save you hundreds over the long term.
Remember, if you plan on staying in your home for the long- term, the fixed-rate mortgage is probably the right option. Make sure to speak to a trusted mortgage professional, and they will work with you to find the perfect mortgage to fit you financial situation.
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