REFINANCING

Refinancing can be used to reduce your interest rate, lower your monthly payment and change the term of your loan, potentially saving you a notable sum of money. When market interest rates drop below your present rate, you should consider this option. Below are several factors to consider before deciding if refinancing is right for you:

1. The rate you are paying in comparison to the current interest rate. If rates have dropped more than one percentage point, it might be worth making the change.
   
   
2. How long you will keep your home? Because there are fees that go along with refinancing, it is less practical to refinance if you plan to move in the near future. If you are planning on moving but then renting your current house, refinancing might still be a good idea.
   
   
3. Current debts. Refinancing can be a valuable tool in consolidating and paying off high interest debts.

Regardless of what type of mortgage you have currently, our financial planners can help you sort through your options and examine your potential for saving money through refinancing.