Why Now Is The Time To Refinance
I have been saying for quite some time that now is the time to refinance because interest rates are at historical lows and they really have nowhere to go but up. I don’t think you are going to see interest rates skyrocket overnight but I also don’t know how long they will stay this low. So my opinion is that you lock in your rate now.
The article below talks about what you should do if you have a low interest rate adjustable. Just as the article suggests, if you are planning on moving soon you should probably stay put. I would agree with that however in an unpredictable economy can you guarantee that you will be moving or that you will be able to sell your home? We all hope things are better in the next 24 months but no one can know for sure.
Meredith Whitney, a top financial analyst, is calling for a double dip recession in housing. She has done pretty well on her picks with the housing market. Some are even calling for a 30% drop in Florida. I think you should be prepared for another 10% drop but who am I.
The bottom line is to take advantage of these low rates if you can and don’t be greedy.