Fed Rate Cut…Should I refinance now?

Now that Fed has began cutting rates, is it time to refinance? The answer is an emphatic, MAYBE!

Refinancing and the proper use the equity in your home is a decision that is unique to each homeowner. The answer for you depends on many other factors. Few mortgage “professionals”, and I use that term loosely these days, actually take the time to analyze a homeowners complete financial picture before making a recommendation regarding refinancing.

Yes, mortgage money is cheap, and we all know that credit cards and other unsecured debt is BAD, however, the costs to refinance need to be justified by the benefits to the borrower. Those benefits include not only monthly savings, but also the tax advantages of mortgage interest and many other factors.

Today’s economy is uncharted territory for all of us in the financial services industry. For most homeowners, there are great opportunities to reposition your finances while taking advantage of lowering mortgage rates. While so many mortgage companies are struggling to stay afloat in this turbulent real estate market, there are still a few of us who are very busy providing valuable insight to homeowners about their finances and how important the role of home equity is in planning for a comfortable future.

This roller coaster economy has many more loops to come. So fasten your seat belt, hold on tight and enjoy the ride. If you play your cards right, you might have a pleasant surprise waiting for you when the ride is over.

Michael Sciavolino is a Financial Services professional with over 20 years of experience in Consumer Financial Services. He currently runs a mortgage company based in Old Bridge, New Jersey and is well respected in the industry for his comprehensive expertise in financial services. For more information contact Michael at 1-732-765-8300 (ext.11) or Michael@FortFunding.com