When is the "Right" Time to Refinance?
Perfectly timing the market on a refinance is very difficult to do. Interest rate markets move daily and unless you are in position to apply and submit all of your paperwork within 24 hours, it is hard to catch the bottom of the market. But, being "very close" to the bottom is usually very good too. But, these bottoms sometimes don't happen every month or every year. So, what is a prospective borrower to do?
The first question I always ask our clients, is what is your Primary Goal with the refinance. Often factors other than lowest interest rate are at the top of the list. Yes, we always assist our clients to lock in the lowest rate during the 30 day window they are refinancing, but if that does not correspond to a market dip, achieving the other refinance goals are very important.
Whether paying off debt or cashing out for home improvements, perfect market conditions does always exists. The big run up in home values is a big gift for many and accessing the equity to help achieve some of your life goals is what we are here to assist with.
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