Is it Time to Refinance Your Scottsdale Home Mortgage?

The time for you to refinance the mortgage on your Scottsdale home is now. Interest rates are at a record low, which can translate into huge savings for those who take advantage of the opportunity. In recent years, rates have been kept low by the Federal Reserve in order to kick-start the economy; however, these low rates will not last forever. Refinancing the mortgage on your Scottsdale home now may save you tons of money in the future.

Interest rates have a great effect on the amount you pay per month. Refinancing with lower interest rates will thus lower your monthly payments. Though it may not seem like much, even a change of one percent could make a difference of over $100 every month. You could also shorten the loan on your Scottsdale home. Converting to a shorter loan will raise monthly payments on your Scottsdale home slightly, but it will reduce the amount of interest you will have to pay in the long run. Plus, shorter loans have even lower interest rates, so the monthly difference will not be a terrible amount.

Again, interest rates are not going to stay low forever. In fact, they are expected to climb within the year. If you have an adjustable rate mortgage, now would also be a great time to convert to a fixed rate mortgage. This way, when rates gradually rise, your interest rate will not rise with them.

The benefits of refinancing your mortgage now are too great to ignore. Cash in on these low interest rates before it is too late. If you have any questions about Scottsdale real estate trends, feel free to call me at (602) 791-0536 or email Carmen@TopScottsdaleHomes.com.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TroonRealEstate.com