Real Estate Matters

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 n 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