Should you refinance your mortgage? Here are three signs it's time, real estate experts say
Publishing timestamp: 2024-04-10 09:00:02
Summary
Refinancing activity has decreased due to rising interest rates, but as the Federal Reserve considers cutting rates, homeowners are looking for opportunities to refinance. Experts suggest waiting for rates to drop by at least 50 basis points before considering refinancing, taking into account factors such as costs, monthly savings, and how long you plan to stay in your home. Refinancing can make more financial sense if you can pay upfront closing costs instead of rolling them into your new loan. If you have an FHA loan, refinancing to a slightly lower rate could help eliminate costly mortgage insurance premiums.
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Keywords: interest rates, business news, redfin corp, housing, mortgages, real estate, breaking news: investing, united states, personal finance, investment strategy,