Janet Yellen, the Chair of the Federal Reserve, is talking about raising interest rates, perhaps as early as the Fed’s September 20th meeting. So, with mortgage interest rates at the lowest they have been in 3 years, this may be an opportunity to refinance your current mortage before rates go up. You might want to consider this if you have a high interest rate. Or you might have just a few years to go before you pay it off and want to move to a 5 or 7 year short term adjustable rate. Having a lower monthly payment could help with cash flow now and in retirement. There are other reasons to refinace which I review with folks all the time and help them make the decision that works best for them.
With these thoughts in mind I came across this article in the August 31st edition of the Washington Post, ‘Ready to refinance? Be sure to shop around’ by Michelle Singletary. Click on the link and you can read it http://wpo.st/s3pv1. Or you can go to the newspaper website directly.
Wondering if you should refinance? Reach out and we can discuss.