The Michigan Group
The Michigan Group
555 Briarwood Circle
Bob Hefner REALTOR 662-1867 662-3958
REAL ESTATE MATTERS
Low Interest Rates: Four Options for Homeowners
As I write this, interest rates are the lowest in 20 years. If you are a homeowner, the low rates should cause you to think about your housing situation, present and future.
For example, magazines and newspapers are full of advice, primarily: "Save money by refinancing your mortgage." In my view, however, there actually are four options available to homeowners:
(1) Move to a different house, because low interest rates are in your favor both when you sell and when you buy.
(2) Renovate your current home, using a low-rate loan to finance the improvements.
(3) Sit tight with your current mortgage and home.
(4) Refinance your mortgage.
When considering these options, decisions should be based on the many circumstances that vary with each homeowner, such as how long you expect to own your house, the current market value of your home (as is or as renovated) and the availability of the kind of house you would want to move to.
If you would like some expert advice when pondering these matters, please give me a call. I would be happy to consult with you, but you would have no obligation to me.
Bob Hefner