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Should I Wait to Refinance?

by Craig Romero, Mortgage Analyst,

Mortgage rates have gone up and down, and some speculate that they may drop even lower, but homeowner’s have to consider whether or not playing the waiting game is really wise when it comes to refinancing your mortgage.

While analysts speculate that mortgage rates will remain low, no one is guaranteeing, or even predicting that they will drop lower. While it is not impossible for rates to drop even lower than they already are, it is more likely that they will go up than it is that they will go down. Homeowner’s who wait to refinance with the hopes that rates will drop below the currently low rates may be disappointed and find themselves refinancing at a higher rate than they could have if they would have refinanced now.

At this point in time, when it comes to mortgage refinancing, the early bird really does get the worm. Since it is unlikely that significant rate cuts are in the forecast, homeowners can start saving money sooner by refinancing now. For each month that a homeowner does not refinance, that is another month that they are throwing more money away in interest and less at the principal of their mortgage. Since significant savings are to be had as a result of refinancing a high-interest rate mortgage to a lower interest rate, it only makes sense to take advantage of these savings sooner rather than later. And if saving money sooner is not an incentive, homeowners should think of the money they could be risking if rates suddenly increase and they lose the window of opportunity to refinance at a lower rate. It is important to lock in the low rates now to avoid a lost opportunity if rates do indeed increase.

While no one can tell you when it is the right time for you to refinance your home, if the only thing that has you waiting is the thought that mortgage rates might drop even lower, you may want to rethink that decision and take advantage of the already low rates that are available to you right now.

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