Mortgage rates in Georgia have risen over the past 45 days, and just in the past week have found support and are coming back down. So, with fixed rates still in the 4′s and ARMs in the 3′s, a whole lot of Georgia home owners can benefit from refinancing their home, or a second home or vacation property. (Did you know that a second home offers the same interest rates as a primary residence?)
Continuing in our series, John Adams and I spoke about refinancing, and specifically the no closing cost refinances, which are a way to simply lower your rate and payment, without adding anything to your principle balance.
Is it time for you to refinance your mortgage?
In some cases even underwater mortgages can be refinanced. And, when considering whether you pay the closing costs or I, your lender, pay the closing costs, the key is to know both how long you intend to keep the property, and how many months it will take to break even on the closing costs. Always ask to be shown that number.