Refinancing to get a better interest rate
While watching CNN today I saw a report from the financial expert Clark Howard that addressed something that I haven’t really touched on in my blog. While there are great deals and interest rates for those that are looking to buy, what options do existing homeowners have when it comes to their finances?
One option would be to refinance! However, there are different criteria to refinance. One of the requirements is a certain debt-to-value ratio of the home that you own. Considering our current economic state, lots of people owe more than what it’s worth. One option to get a better interest rate would be to bring cash to the table to meet the required ratio. In some instances, financial experts may recommend borrowing from your 401(k). That would definitely be something to address with a financial advisor.
If you’re looking to get a better rate on your existing mortgage feel free to call or e-mail me. I can put you in contact with a mortgage expert that can get you the best deal and provide the most accurate advice.