Reasons to Buy or Refinance When Rates Are Rising (What You Want To Know Wednesdays)

Rising rates can be discouraging and disappointing for anyone looking to purchase a home or refinance their current loan. However, rates are still at record lows. Several homeowners or possible homeowners try to “time” the market, but that is not always the best choice for them; you should purchase a home or refinance your loan when it makes sense to you. Here is some food for thought when it comes to refinancing or purchasing in today’s market.

Lower Your Rate and Payment – Rates may be lower than your current rate. Speak with a mortgage professional to see if you can lower your rate and payment. You can also considering shortening your term.

Lock In a Fixed Rate and Payment – Do you have an adjustable rate mortgage? Considering refinancing into a fixed rate mortgage.

Remove a Borrower – whoever is named on the loan is responsible for repaying the loan – even if you get a divorce.

Get Cash to Spend – A cash out refinance may benefit you. You can pull out cash based on the equity of your home. You can also considering investing some of the money you’re able to pull out.

Purchasing a Home – With rates rising, this may be the best time to really consider purchasing a home so you can lock in the lowest rate possible for you.

**Bankrate.com

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.