“When should I refinance my home?” is commonly asked, so here are a few pointers that could mean the New Year will be the beginning of a new financial time for you and your family – one that is free of worry.
Is your mortgage interest rate higher than friends’ and neighbors? If you closed on your mortgage more than five years ago the chances are that you could be paying more out than you need to be. 1% difference in interest rates could mean a potential saving of thousands of dollars over the term of your mortgage.
Do you want to lower your monthly outgoings? It may be that you want to save for a vacation or new car, or simply want a little extra left in the bank at the end of the month. Refinancing your mortgage could give you the opportunity to pay the loan off over a longer term, as well as reducing monthly payments.