Interest rates rise and fall all the time. This isn’t exactly news. As a homeowner, however, paying attention to those interest rates could end up having a major impact on your mortgage.
But how do you know when it is time to look into refinance mortgage rates in Toledo, OH? With the help of Superior Credit Union – and a few helpful tips – you can find the optimal time to refinance your mortgage.
Changing the Type of Loan
While interest rates are typically the biggest reason to check on refinance mortgage rates in Toledo, OH, it isn’t the only reason. For instance, refinancing can let you change up the mortgage type, which happens when life circumstances change.
For instance, if you anticipate a move in the coming years, a short-term loan might be better to help save money. Or if you have an FHA, you could refinance to a conventional mortgage. These are just a few scenarios.
Tap Into Equity
In the last few years, especially, home values have grown at a staggering rate. Whether your home has significantly improved in value, or you have paid off a lot of your current mortgage, there is substantial home equity available.
Equity is a great way to get cash for things such as vacations, remodeling, and more without having to take out a traditional loan. Just talk to your mortgage lender to find out what is involved.
