With Colorado experiencing dramatic growth, you may have benefited from home appreciation over the last few years. Now is the time to assess your financial situation. However, even a small reduction in your interest rate can potentially save you hundreds of dollars per year.
Many people have all of their money tied up in the equity of their home.
This may be a great way to consolidate your debt, finance home improvements or pay for college. However, interest rates on ARMs fluctuate after as little as a year. Many people refinance to a fixed rate so they don t have to worry about fluctuations in their rate. Many homeowners refinance their mortgage to reduce the term on their loan as well as theirinterest rate. This usually results in a small increase in their monthly payment but saves them thousands of dollars in interest and ensures them of free and clear ownership as they approach retirement.