Is It Time to Refinance?

Monday, February 23, 2009
by Deborah Green

With mortgage interest rates at historic lows, many homeowners are asking if this is a good time to refinance their mortgages. Of course every situation is different, but for many people refinancing can reduce their overall repayment by tens of thousands of dollars over the course of the loan.

Are you planning to stay put for a while? If so then refinancing may be a good option, if you can lower your monthly payment by enough to cover the closing costs associated with the new loan. For many, breaking-even for a refinance can take two to three years. If you are planning on moving with a year or two, then the costs of refinancing may be more than the money saved. To determine whether refinancing is right for you, contact us for a quick consultation and a list of recommended mortgage consultants. You'll be glad you did!

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Deborah Green

RE/MAX Executives
7506 E 91st St, Ste 200
Tulsa, OK 74133
Phone: (918) 282-6385

 

 

 

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