By Marcie Geffner - Bankrate.com
Rising rates tend to discourage homeowners from refinancing, but there are good reasons to refinance even when rates are going up.
“The direction of interest rates shouldn’t impact your decision. Instead, you should refinance when it makes sense to you and based on how long you expect to hold on to the mortgage and property,” says Brian Koss, executive vice president at Mortgage Network in Danvers, Mass.
With that in mind, here are six scenarios for refinancing while rates are rising.
1. If you don’t already have a super-low rate, you might still be able to get a rate that’s lower than your current one.
Read on: http://www.seattletimes.com/business/real-estate/6-reasons-to-refinance-your-mortgage-when-interest-rates-are-rising/
Rising rates tend to discourage homeowners from refinancing, but there are good reasons to refinance even when rates are going up.
“The direction of interest rates shouldn’t impact your decision. Instead, you should refinance when it makes sense to you and based on how long you expect to hold on to the mortgage and property,” says Brian Koss, executive vice president at Mortgage Network in Danvers, Mass.
With that in mind, here are six scenarios for refinancing while rates are rising.
1. If you don’t already have a super-low rate, you might still be able to get a rate that’s lower than your current one.
Read on: http://www.seattletimes.com/business/real-estate/6-reasons-to-refinance-your-mortgage-when-interest-rates-are-rising/