As with any major financial move, the best time to make it is when it will significantly improve your financial position. When it comes to improving your home mortgage situation, it is a lot easier said than done. With mortgage refinances all of the stars and planets have to be aligned with your financial and home-equity situation, and then you will still need to find a lender who is willing. A lot has changed in the years following the mortgage meltdown. If you are among the fortunate home owners with positive equity and excellent credit, the right time could be now depending on some key considerations:
Refinancing a home loan should be all about saving money now, or preventing increased costs in the future. Refinancing from a fixed to an ARM is no longer advisable, and moving from one ARM to another ARM should only be seen as a temporary measure.
This Resource Center is designed to offer helpful news, tips, and tools for general informational purposes ONLY; it is not intended to provide legal and/or financial advice or recommendations for any specific individual, business, or circumstance. The offerings found here are provided by third parties, which are neither controlled nor endorsed by Bank of Oklahoma. Bank of Oklahoma does not guarantee or warrant the accuracy, completeness, or timeliness of this information and content. Additionally, links to third party sites are provided only for your convenience. Third party sites are neither controlled nor endorsed by Bank of Oklahoma and may not have the same privacy, security or accessibility standards. Third Parties are solely responsible for the content and availability of such sites.
© 2014 Bank of Oklahoma, a division of BOKF, NA. Member FDIC. Equal Housing Lender.