Many people are taking advantage of the current low mortgage rates and are able to save quite a bit of money. However, for some, refinancing can cause complications as it might not be the right choice for the individuals\u2019 specific situation. \u2800
\n\u2800
\nHere are 5 mistakes to avoid to ensure refinancing is right for you:\u2800
\n\u2800
\n1. Don\u2019t forget to start with the most important question: Why? \u2800
\nUnderstanding the reason why you are refinancing is crucial. It\u2019s important to keep personal financial goals in mind when making these decisions and have a plan. Whether it’s reducing your monthly payment with a lower rate, or shortening the term of your mortgage, always ask yourself what is the reason for refinancing? \u2800
\n\u2800
\n2. Don\u2019t just guess\u2800
\nNever make assumptions on your home valuation or credit score. Always do your research and work with an accredited real estate agent to help you along the way and find out exactly what your home value is. Home valuation can greatly vary based on your location and local market conditions. \u2800
\n\u2800
\n3. Don\u2019t be \u201cteased\u201d by low mortgage rates\u2800
\nYou might hear about \u201cteaser rates\u201d through but keep in mind that the lowest rates might not actually be available to you as everyone\u2019s situation is different. Factors such as credit scores can determine what rate you qualify for and can sometimes come with other strings attached. \u2800
\n\u2800
\n4. Don\u2019t wait on rates\u2800
\nAt certain points, rates can rise faster than they fall and you should never wait on rates to decrease. Although you should take advantage of good rates like those we are seeing now while you can, it\u2019s not always about the rate. You might save on your monthly payment with a lower interest rate, but the interest paid over a longer-term could cost you. \u2800
\n\u2800
\n5. Don\u2019t overlook your options\u2800
\nIt\u2019s advisable that you speak to a trusted mortgage advisor. With access to a wide variety of mortgage solutions and tools, Here at Planulife we can work with you to determine your specific goals and find a mortgage that suits you.<\/p>","protected":false},"excerpt":{"rendered":"
Many people are taking advantage of the current low mortgage rates and are able to save quite a bit of money. However, for some, refinancing can cause complications as it might not be the right choice for the individuals\u2019 specific situation. \u2800 \u2800 Here are 5 mistakes to avoid to ensure refinancing is right for […]<\/p>\n","protected":false},"author":2,"featured_media":1240,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1239","articles","type-articles","status-publish","has-post-thumbnail","hentry","article_categories-finance"],"yoast_head":"\n