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Taking Advantage of Low Interest Rates

Should You Refinance Your Mortgage?

 

interest rate

Mortgage rates are at the lowest they’ve been in years, it may be worth the thought of refinancing to take advantage of the rates.

 

 

 

 

 

 

 

 

 

 

With mortgage rates in Pawleys Island on the lower side, the choice to cash in and refinance your mortgage may be tempting, but before you make that decision here are a few facts from Pawleys Island Real Estate to help you decide if it is the best financial choice for you and your family.  Whether it is just to reduce the amount of interest you pay, or freeing up some income for other items or debts, there are several considerations to take into account.  Here are the more popular options for refinancing your mortgage.

 

Fixed Rate Mortgages 

 

If you like the stability of a fixed rate loan because of your budget can’t handle unexpected fluctuation, then now might be a great time to choose this option.  With fixed rates lower than they have been in some time, this may save you money by either reducing your monthly payments or, if you keep your payment the same, reducing the principal on your loan.

 

Adjustable Rate Mortgages (ARMs) 

 

Image result for adjustable rate mortgage

The interest rate is adjusted periodically to keep current with market conditions. You just can’t predict whether or not the interest rates will stay low!

 

If you’re planning to stay in a home for only a few years, or your income can handle changing monthly payments, then you can get an ARM for significantly less than a fixed rate mortgage.  Adjustable rate mortgages are also popular with people who may have difficulty qualifying for a loan at a higher fixed interest rate, as it lowers the monthly payment.

 

Home Equity Loans 

 

When interest rates are low, it is a good time to take out a home equity loan.This may allow you to keep your home if you are facing financial problems.  It is also a great way to finance home improvements.

No matter what decision you make concerning the mortgage on your home, keeping your options open, arming yourself with up-to-date knowledge on the markets, and seeking the advice of professionals will keep your investment safe.

 

Melissa Keller, Realtor in Pawleys Island

 

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