Mortgage rates have fallen, nearing all-time lows.
If you’re paying a mortgage, now would be an opportune time to consider locking in a rate at one of the lowest levels we’ve seen. Refinancing may be able to help you:
- Lower your interest rate
- Shorten the term of your loan
- Consolidate debt
- Make a large purchase you otherwise couldn’t afford
- Convert between an adjustable-rate mortgage and a fixed-rate
- Student Loan Payoff with Home Refinance
While there are many advantages to a refinance, it doesn’t always make financial sense. There are many factors to consider, including your overall financial situation, the amount of equity you currently have in your home, and how long you plan to live there.
The best way to figure out whether it’s the right move for you is to talk to a Salal home loan expert who can help you crunch the numbers and make sure you’re aware of all your options.