If you haven’t refinanced and maybe have been procrastinating here are five quick tips to help see if a refinance is right for you.
1. Check Your Rate – Rates are still near historic lows so even half a point can mean substantial monthly savings.
2. Check Your Equity – many home values have increased in equity in the past year so you may be eligible to refinance with cash out.
3. Check Your Debt – if you have a other high interest debt, you may consider consolidating that debt with a lower rate refi. Of course beware the revolving the debt cycle!
4. Check Your Calendar – if you want to pay of your home faster, you can refinance into a 15 year mortgage with extremely low rates.
5. Check Your Calendar II – if you are planning on moving shortly refinancing may not be the best move as there is generally a break even point on refinances with the amount of time you need to make the refinance – that is savings equal or are greater than the costs associated with refinancing.
