Refinanceing with national city mortgage
With current interest rates as low as they are, now is as
good a time as ever to refinance your home. When rates drop
to record or even significantly lower levels, it is an opportune
time to refinance your home for a lower rate. But refinancing
is not just for times when rates are extremely low. It is
still a viable option for a number of reasons.
1. Low payments each month
If the rate is lower than your current rate, then your payments
will be lower. It’s just simple math. So keep an eye
out for falling rates or if you financed your home in a high
rate period, any dip in the market can be beneficial for you.
When you refinance you can refinance for the length of time
you have left on your existing loan thus making your payments
lower but not extending the time you need to pay.
2. You need money for other things
Paying for college or making a large purchase like a car can
be a reason to refinance your home. If the rates are lower,
and you refinance you can get the difference of your payments
in a sum to pay off debt or make a purchase.
3. Shortening the length of your loan
If the difference in the rates is significant enough, it can
help you to shorten the length of your loan while also decreasing
your monthly payments. This could help you own your home at
a faster rate and lessen the amount of interest you accrue.
4. Change from an ARM to a Fixed Rate Mortgage
If you initially had an Adjustable Rate Mortgage and the rates
drop lower than your rates, you may want to lock in the low
rate by switching to a Fixed Rate Mortgage. This brings stability
to your payments at a lower rate.