We all know that paying a mortgage is a necessary evil when it comes to owning a house. But, according to Clare Trappaso of realtor.com, mortgage applications increased since interest rates on 30-year fixed-rate mortgages decreased. As these rates have gone down, the desire to refinance homes has gone up.
However, according to the article, you should still discuss your financial situation with a licensed professional. One should also consider how long they plan to stay within the home. As discussed in previous blogs, you might not know how long that will be.
Figuring out this piece of information will help you decide on how long you want the mortgage to be and the rates you feel comfortable with. However, you may not want to wait too long. The low rates may not last, and you could be stuck after a while with higher rates, once again.
It is wise to consider what mortgage you can afford while still having money to save.
The Upstate of South Carolina features many beautiful homes, and homeowners often have several questions about refinancing and mortgages. The Powell Group invites you to ask us any questions you may have. Our team members are always here to assist you with your housing needs.
(Pictures used from Flickr)
