Should you take advantage of low interest rates and refinance your mortgage?
(WJBK) - Interest rates are still near historic lows. That means the cost of buying a home is dropping - but it also means some people who want to stay in their homes might be able to refinance. How do we know if it's a good thing for us?
Brian Seibert, President of Michigan First Mortgage, joins us for this Money Monday segment with advice. You can listen to his advice by watching his interview in the video player above, or by reading a summary below.
Reasons to Re-Finance
Secure a lower mortgage rate and pay less in total interest on the mortgage
Own your home faster
Pulling cash out for home improvements
Eliminate mortgage insurance
How to determine if you are eligible
Talk to your mortgage expert!
The larger the mortgage amount, the lower the rate differential needs to be
Typically, you want to save 1% off the prevailing rate.
For more information on Brian Seibert and his company, visit www.michiganfirstmortage.com.