Mortgage Rates Are On The Rise!

The Feds are starting to raise mortgage rates so if you haven't refinanced, now's the time to do it if it makes financial sense for you. When does it make sense to refinance? You have to evaluate a few things:

• Are you going to live in the house for a extended period of time?
• Can you at least drop your rate by more than a point and a half?
• What are the closing costs and how long will it take to pay that back?
• Is it financially advantageous for you to refinance?

These are just a few questions that you would want to answer for yourself before you go a head a refinance. Refinancing just to lower your monthly payment, is not a good reason to do it. Make sure that it is financially going to benefit you before you do it. Make sure that it fits with your financial plan. Always keep in mind that you are trying to build your net worth first! Making payments to yourself should always be your first option. Happy mortgage hunting for those's who are looking to do so.

To Your Financial Success!

Interest Rates at Record Lows!

With the interest rates being so low, now would be a great time to refinance your house if your rates are at least a point higher then what you would get when you refinance. There are a lot of mortgage companies offering no closing costs which is a great incentive to refinance. If you are planning on staying at your house, then getting a shorter term would be your best bet. If you are waiting for the real estate market to bounce back and you are planning on selling, or if you are currently selling your house, then going with a 30 year fixed or a adjustable would be your best move. The bottom line; if you are planning on selling soon, then going with a shorter term loan won't really help you to pay down the principle that much and it would increase your monthly payments. Why put more money in to the house then you have to? If you are planning on staying for a long while, then the shorter term loans would really help you to pay a lot less interest. Evaluate your situation and then make your move! To your financial wealth.

I wish everyone financial and emotional harmony.

Gary Kohnke