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Not Too Late to Refinance, But Do it Carefully
(November 7, 2005) -- Mortgage rates are starting to rise, and borrowers facing an interest-rate adjustment in the near future might want to think about refinancing.
A borrower with a $200,000 interest-only mortgage at 5.25 percent would pay $875 per month, but a 1.25-percent increase in the rate to 6.5 percent would send the monthly payment to $1,083.
Borrowers who plan to stay in their homes for some time should consider taking out a fixed-rate 30-year mortgage. But if they've lived in their home for some time, they should look into a 15-year fixed-rate mortgage, which will have a slightly higher payment but will save them money over the long-term.
The credit union, bank, or financial institution that holds the mortgage is a good place to look to refinance, as well as a mortgage broker who can provide quotes from different lenders.
Source: Chicago Sun-Times (11/07/05); Savage, Terry
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Today's Rates:
| 30-yr Fixed | 4.54% | 4.69% | | 15-yr Fixed | 4% | 4.21% | | 1-yr Adj | 3.64% | 4.52% |
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Asset Vu, Inc., CA Dept of Real Estate Lic #01803537,
915 Highland Pointe Drive Suite 250 Roseville, CA 95678 Phone: (916) 784-0249 E-mail: info@AssetVu.com
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