Franklin Financial Group Blog

Refinancing into a lower rate and/or longer term mortgage
January 23rd, 2009 3:22 PM

As the effects of the lagging economy continue, many people find themselves at a risk of losing their employment. I have had numerous discussions with some such individuals and suggested refinancing into either a lower rate or longer term mortgage, or both, if possible while they are still gainfully employed. Cutting the interest rate and/or lengthening the term of the loan can possibly free up some funds which might assist in getting through some periods where unemployment is a possibility. When a mortgage is refinanced the borrower(s) typically skip making a month's mortgage payment. With interest rates being as low as they are, even lengthening the mortgage term compared to a present term might not be a bad idea, especially if at some point the borrower(s) regain employment, as the loan could always be paid back using a shorter term payment. If nothing else if might just provide the "breathing room" necessary when going through a hard time.

It is easier to be proactive, than reactive, so someone thinks they might lose their job at some point in the future, the sooner they pursue the potential to refinance, the better.

Posted by Kevin Ary, President (NMLS # 4599) on January 23rd, 2009 3:22 PMPost a Comment (0)
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