This is another guest post from Joe Plemon from Plemon Financial Coaching. Joe is the Money Columnist for The Southern Illinoisan.
Q: Joe, I have been reading about low mortgage rates. How can I know whether I should refinance my house?
A: Because interest rates are down, this is a great time to consider refinancing. You will need very good credit to get the best rates, but it is worth checking on.
So how do you know if it is right for you?
You will be spending money up front for the loan, but you will be saving money each month because your interest rate will be lower. Therefore, you will need to calculate how many months it will take to recoup your up front cost. If you are going to live in the house at least that long, you should refinance. […]
