Earlier I touched on Adjustable Rate Mortages (ARM). Now I want to jump into the fixed rate mortgages.
They say it is time to refinance when your rate is 1 percentage point higher than what you can get on a new loan. So with loan rates dipping below 6% and possibly going lower towards the end of the year it may be time for you to refinance your home loan.
Have any questions on your fixed rate mortgage? Well, many do, just be glad that you aren’t stuck in a ARM loan that you can’t afford. At least with a fixed rate it is easy to compare and see if you should refinance that mortgage. Just remember the 1%. That is a good place to start.
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