When to Refinance Your Chicago Home Mortgage
Maybe you have a fixed-rate mortgage home loan now with a higher rate, or maybe you have an ARM (adjustable rate mortgage) where the interest rate varies. Even if it’s low now, unlike your ARM, when you qualify for a fixed-rate mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don’t think you’ll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.
We’ll work with you to determine if a chicago refinance loan is right for you. How likley you are to sell your home in the near future, and what effect refinancing might have on your future plans.