Friday, June 7, 2013
existing mortgage loan, particularly since interest rates have dropped substantially in recent months.
It's a good idea to re-assess your mortgage financing every few years. In that time, a lot can happen in your life. You've built equity in your home. Your income may have increased - or decreased. You may have accumulated additional debt, or paid down debt you had when you first took out your mortgage. And of course, mortgage interest rates have changed. The loan that was the perfect fit originally may not be right for you today.
If your income has increased or you've paid down your debt, consider refinancing for a lower interest rate and shorter term. You'll reduce your interest costs and better position yourself to enjoy a comfortable retirement or pay for future college expenses. If your income is less now due to retirement, one spouse staying home with children, or other factors, you may be able to reduce your monthly mortgage payment with a lower interest rate. In either case, refinancing to pay off consumer debt may also be helpful in increasing your tax deduction and reducing your monthly debt burden.
It takes only a few minutes to determine if a change in mortgage financing is right for you. Our mortgage consultants can help you compare your current mortgage's interest rate and monthly payment with the low interest rates available in today's market to determine if refinancing would be beneficial based on your current financial situation and needs.
Take a minute or so to give yourself a mortgage check-up today by calling Financial Security Consultants, Inc., your credit union's mortgage partner, at (410) 823-3300 or 1-800-730-7599.