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Record Low Mortgage Rates Make for a Great Time to Refinance

Mortgage rates are at a record low. If you're thinking of applying for a new mortgage or refinancing an existing one, consider a short payoff term. You could save tens-or even hundreds-of thousands of dollars by financing for 20, 15, or 10 years instead of 30.

A shorter term mortgage means you own your home sooner, but it might also mean a higher monthly payment. Weigh how much more you would pay in the short run against how much you would save in the long run.

Before you commit to a shorter mortgage:
  • Factor in the closing costs. If you are considering refinancing an existing loan, make sure you plan to stay in the house long enough to recoup the expense of refinancing with the new savings.
  • Review your other debts. Eliminate expensive debts-for example large credit card balances-before paying extra on your mortgage.
  • Put retirement first. If you don't have a retirement account, make it a priority. If you're eligible for a 401(k) plan, contribute at least enough to earn the maximum matching funds from your employer. Think about choosing a 30-year mortgage over a 15-year loan and investing the difference in payments into a retirement account.
  • Evaluate your income source. Is your job or other income source secure? If not, a longer mortgage with a lower monthly rate might interest you. The lower payment would allow you to make extra payments on the principal when you can. One extra mortgage payment a year could shorten a 30-year loan by three or four years, and save you thousands of dollars in the long run.
Stop in and visit the loan professionals at NuVision to prequalify for a new mortgage loan or refinance and get the best mortgage term. Visit or call 800.444.6327.

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