Mortgage rates are currently flirting with the possibility of reaching record low levels. If you own Lake Michigan real estate and still have some equity it may be to your benefit to take advantage of these low rates and perhaps refinance. Then again you may wish to use your home equity line or perhaps obtain a fixed rate loan; there are many options available to you.
For the most part this is all good news for you the homeowner. Now that the government has mandated several rules designed to inform and protect consumers there is less of a risk involved in refinancing Lake Michigan property. If you want to take advantage of current low rates it may be worthwhile to stick with a fixed rate as variable rates can potentially increase. On the other hand if you’re sure that you’ll be selling before the rates adjust, you can’t beat the extremely low numbers attached to variable loans.
Always remember that despite the lower rates, refinancing may not necessarily work to your benefit. If your current fixed rate loan will soon be paid off in a few years, the closing costs on a refinance will result in money lost. Take some time to evaluate whether your Lake Michigan property really does need to be refinanced as it may not be worth it in the long run.