As interest rates move towards 5% and predicted to be in the mid 5’s by the end of the year, the opportunity to refinance to lower your interest rate is probably in the rear view mirror. But there are still some important opportunities that you might consider before rates get too high…
Have you been thinking about doing home improvements? Want to remove Mortgage Insurance? Do you have a HELOC that spikes every time the Fed raises rates? Need cash out for debt consolidation or investment opportunities? If so, you’re not alone.
In fact, these are the main reasons most employees seem to be refinancing right now. BUT…. Does it make good financial sense? The answer to that question is “it depends on your financial situation”. The best thing for you to do is to contact your Employee Home ownership Benefits Provider for your FREE cost vs. benefit analysis. It’s important to know what the short term and long-term effects of a refinance could be and how it can impact your overall financial situation.
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