Question by J K: Refinancing a mortgage, is now a good time?
I’ve heard rates could go lower soon because of the feds recent actions, does anyone know the best course of action right now?
Answer by djw231us
rates are about as low right now as they can possibly go. Refinancing now is a great idea. Even if they were to go down a bit more, there really isn’t much room at this point, and barring another depression will most likely go up in the next year or so.
Give your answer to this question below!
Refinancing is a good idea now if you aren’t planning to sell anytime soon. I tried to once but the lender was going to charge me all kinds of closing costs to do so which would increase my principle balance by the thousands. Since I was planning to sell, I didn’t think it would be beneficial to save a few hundred a month to have a negative equity on my house.
If you really want to refinance, the best thing to do is apply with a lender that will give you the best rate.