Refinancings Are Booming: Should You Trade-In Your Mortgage For A Newer One?

Rates are at rock bottom. Should you refinance? (Image by Pexels from Pixabay)

Interest rates are at rock bottom, pushing mortgage refinancings to a new post-crisis high. Lenders extended over $2.4 trillion in home loans last year, the most since 2006, reports The Wall Street Journal.

That’s a positive sign for the economy. People who save money on their mortgage payment are likely to go out and spend that money on other goods and services, boosting economic activity.

But how about you? Is now a good time to lock in those low rates and refinance your mortgage?

We talked to reporter Ilana Polyak of CNBC about the pros and cons of refinancing, and whether low rates represent an unbeatable opportunity you can’t afford to pass up, or a money trap just waiting to trip you up.

Check out Ilana’s CNBC article and our advice to consumers here to learn the 4 key questions you should ask before taking the refinancing plunge.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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