Mortgage rates are near record lows. If you’re thinking about refinancing, now is a great time! Here are some options you should think about if you want to take advantage of today’s rates before they increase.
1. Sell and downsize.
Many of today’s homeowners are reconsidering what their ideal home includes. For those who are now working remotely, a home office is imperative. For others who don’t need to live near their office, moving to an area with a lower cost of living might be a great option.
Today’s rates are below 3%, and they’re only expected to rise in the coming years. If your current interest rate is higher than today’s average, take advantage of this unique opportunity by selling, moving, and locking in a lower interest rate.
If you choose to wait, you might miss out on this historic opportunity.
If you don’t have any plans to move right now, consider refinancing. This is a great option if you’re looking to lower your monthly mortgage payments and remain in your current property.