To Refinance or Not?

Many people are asking me lately whether they should refinance early, ahead of their maturity dates now that mortgage rates are back down at historically low levels

With the recent rate cut of a 1/4% by the US Fed, one may think that holding off on a refi until the rates "really bottom out" would now be the best strategy.

The real decision is not whether you can shave another 10 or 20 basis points off today's best rates by waiting, but whether you are carrying any substantial amounts of consumer debt.

Credit cards and unsecured lines of credit at up to 25% per annum are costing you dearly.

Let's say you have a few credit cards totaling $20,000.00 in debt you just are not paying down. At typical credit card interest rates, that's probably costing you $5,000.00 per year.

Roll that into your mortgage at just under 3% and your savings are substantial. In the last few months we have saved our clients thousands in interest and dramatically improved their cash flow as well.

If you'd like me to review your specific situation, and get your finances back on track, this service to you is always free. Schedule a call with Aleem to find out more or if you have any questions