Mortgage issues — Some thoughts on payment and refinancing
Mortgage issues continue to be a part of a lot of people’s concerns to this day. In this blog, Traynor Capital Management reviews some expert advice on mortgage payment and refinancing.
Should you refinance your mortgage, or should you pay it off? This seems to be one of the biggest questions out there today.
There are some homeowners who find the idea of saving money by refinancing to be appealing. Considering some Bankrate data showing the interest rate on 30-year, fixed-rate home loans, the number is around 3%, while 15-year rates are at 2.5%. From this data, it does sound quite attractive to undergo refinancing. You also get to keep your cash on hand as savings, or as cushioning for this period of pandemic, notes Traynor Capital Management.
On the other hand, there is wisdom in the idea that if you have the money with you now, perhaps you can make that payment while you can. The biggest benefit here is that you get to free yourself from one of the biggest financial obligations that you have to deal with on a monthly basis.
What you must initially consider is the current rates. Once you subject yourself to refinancing, the rates upon which the agreement is set will be the magic number that you will have to commit to for some time, as the experts at Traynor Capital Management reviews and points out.
For instance, the average rate on a 15-year, fixed-rate mortgage is about 2.5%, compared to 2.81% in early July and 3.20% at the beginning of the year, according to Bankrate. Needless to say, you must decide quickly if you feel that the numbers favor you, because rates tend to fluctuate.
Traynor Capital Management was created to provide the ideal environment, sound roadmap, and perfect opportunity to allow its clients to grow and protect their wealth. Through the expertise and reviews of Traynor Capital Management professionals and the firm’s portfolio strategies, the company can provide clients all that they need to achieve their financial objectives. For more information, visit this page.