3 Reasons to Refinance Before it is Too Late
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Why should I refinance now instead of waiting?
There are many reasons that people today are choosing to refinance their home loans. Many of these reasons are specific to the person's situation; however, there are some general reasons why people across the country are rushing to refinance their mortgages. Here are three of the most popular reasons, and there is nothing to suggest that they will all last forever. Financial trends change, so pay attention to these three factors and refinance before it is too late.
- Low Rates – Home loan interest rates hit 40 year lows a year or two ago. Although they have gone back up slightly, they are still lower than we have seen in a few generations. These low rates would be enough excuse for anyone, but there are many more such as….
- Home Values – With home values skyrocketing across the country, people are looking to take advantage of their home equity by drawing some out through a refinance. Many lenders will loan up to 100% of your home's value allowing you to take cash out above what you owe on your principle.
- Options – Banks have become very creative with home loan programs. For refinance options, you can even get loans today that give you multiple payment options, depending on what you feel like spending in a given month. With all of these options, it is easy for a person to find one that fits their ‘needs'.