It seems that every day, the media is reporting bad economic news.
There has been talk of a recession, job layoffs and downsizing, and worries
about inflation. In these times of economic uncertainty, reviewing your
financial situation can be a daunting task. But even in this tough environment,
there are opportunities to improve your financial position. One way is by
refinancing your current mortgage. With interest rates at historic lows, there
are several great reasons to refinance, including:
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The increase in cost-of-living.
With gas and food prices at record highs, maintaining your standard of living
can be a challenge. By refinancing your mortgage to a lower rate, you can free
up the extra cash you need and save thousands of dollars over the life of your
loan.
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Many Adjustable Rate Mortgages (ARMs) are resetting soon.
If you have an ARM loan that is about to reset to a higher rate, you will soon
feel the financial burden of higher monthly mortgage payments. By refinancing
to a fixed-rate mortgage now, your payments will not change over the life of
your loan.
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Rates are at historic lows. Now is the time to take advantage of the
lowest rates the industry has seen in over 40 years and start saving money
today. For instance, on a $250,000 loan, your monthly payment (principal and
interest) at 7% would be $1,660. At 6.5%, it is $1,580. An $80 difference per
month does not sound like a lot, but over 30 years, you’ll save $28,800!
American Equity Mortgage offers a number of low, fixed-rate loans.
Call to speak with one of our experienced Loan Officers today, and let us help
you get to a better place.
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