Georgia Interest Rates Are Low. Is It Time to Refinance?
If you live in Gwinnett County or any other part of Georgia and bought your home when mortgage rates were higher than they are presently, you might want to consider refinancing your home. Before you make this major decision, there are many things you should consider. This might not be a worthwhile path for some homeowners.
With interest rates at all-time lows, there has never been a better time to refinance. Take advantage of getting additional cash out to improve your home, buy a new car, or pay for a child's education. GuideToLenders.com will provide you with competitive loan quotes from up to four lenders. You'll receive the best rates and options available, regardless of your credit. It takes less than a minute to apply, and you have nothing to lose. Find your refinance loan right now.
However, it could be good for you if the current interest rate on your mortgage is at least two percentage points more than the current market rate. This is usually used when considering the costs of refinancing your mortgage compared to your savings. You should also consider how long you want to stay in the house to see if you would benefit from the refinancing.
Should You Refinance?
Refinancing your home would benefit you if you fit into one of the following categories:
- You want to get out of a high interest rate loan and take advantage of lower rates.
- You have an adjustable rate mortgage (ARM) and would rather have a fixed-rate loan so that you will know exactly what the mortgage payment will be for the remaining years of the loan.
- You want to convert to an ARM with a lower interest rate than you currently have.
- You want to build up equity quicker by converting to a loan with a shorter term.
- You want to get cash back from the equity built up on your home for a vacation, major purchase, or your children's education.
If you decide to go through with it, remember that there could be fees and charges that you will most likely encounter when you refinance in Gwinnett County or other parts of Georgia.