Twila E. Palmer's Blog
The Mortgage Bankers Association (MBA), which is the national organization representing the real estate finance industry is forecasting a rise in interest rates for 2013 and 2014.
Reason#2: Your Adjustable Rate Mortgage Could Adjust Up.
If you find
Reason#3: The Government's Financial Involvement is Expected to End Soon.
Ever since the recession in 2008, the government has been buying up mortgage debt from banks in an effort to stimulate the housing market. This is expected to end in the next two years, and it is anyone's guess when exactly this will take place. Refinancing now is much better than waiting until you start to see the signs of non-involvement, by which time it could be too late.
Reason#4: Cutting Down on Interest.
If you find yourself in a 30-year mortgage, it may be the best time to explore your options regarding a 15-year, fixed-rate mortgage. While your monthly payments would be higher, the amount of money you pay for your home would be significantly less. Interest payments on a 30-year mortgage can jack up the price of a home astronomically. While the monthly payments may have looked appealing initially, paying off the principal sooner will leave you much better off financially in the long run.