It pays each year to review certain household expenses to make sure that you are still getting the best value. When you keep your eye on cable TV contracts, phone, and internet plans you can save money by checking that you are not tied into an old contract that keeps the bills high. Many times there is a newer, better offer on things like premium stations, internet speed upgrades or new offers on cell phone upgrades that have been added. The same is true for mortgage interest rates. By keeping an eye on the current interest rates and the possibility of lengthening or shortening your mortgage terms, you are sure to keep your finances in the best shape possible and to be sure that you are not spending money unnecessarily that might be rerouted to other pursuits.  As of today, mortgage rates remain at historic lows and the Federal Reserve has indicated that they will not take actions that would cause them to rise this quarter. If you haven’t reviewed your current rate and terms, it might be time to look at your mortgage and decide if you can save any money by refinancing.  If your circumstances have changed, you may be eligible to get a lower interest rate, and/or a shorter term loan. By obtaining a 30 year vs 15 year, or adjustable vs fixed rate loan, you may be able to save a significant amount of money each month.

 

Fine Tuning

It is easy to overlook circumstances that may have changed your financial health. Paying off debt, a pay increase, an improved credit score or an increase in home prices in your neighborhood are events that can put you in a position to refinance your current mortgage.  Changes in circumstance may mean that you can refinance your home and reduce your mortgage payments and even yield some cash back. While this is a practice to enter conservatively, the cash may be used to improve your home, pay for school, to travel or consolidate debt, etc.  A variety of limits regarding what your home is worth may exist around this option that your mortgage professional will guide you through.  If your purpose is considering a cash-out refinance, perhaps you should also evaluate a home equity loan or line of credit to access the equity in your property. Remember that all of the options of refinancing must take into consideration the cost of the actual refinance, replacing short term debt with long term debt as well as how many years it will take to pay off the fees.

Bottom Line

When it comes time for you to tune up your mortgage and explore the amount you could save by refinancing, then it is the time to contact Advantage Home Plus. Because your employer recognizes that financial health is one benefit that employees appreciate, they have provided the Home Ownership Program at NO COST. Contact one of our representatives to go over your refinancing options and to advise you on the best way forward. Call today at 1-800-376-4603 or contact us via email at info@advantagehomeplus.com to begin to save.