Is it Time to Refinance?

Paradise Blog

Is it Time to Refinance?
Updated: Tuesday, October 20, 2009

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.

Featured Property

Begin Your Search
MLS Search
Paradise Showcase Properties
Recent Sales
Open House
Paradise Blog
Interactive Map
Live Beach Cam
Choosing a Real Estate Agent
June 05, 2012
When you're buying Lake Michigan real estate, you're most likely going to need a real estate agent to help you find just the right home and guide you through the whole...
> Full Story

A Gorgeous Home in St. Joseph
April 30, 2012
A major plus of choosing Lake Michigan property is the hugely varied amount of homes to choose from for a variety of scenarios.  If you want a vacation home you can visit...
> Full Story

A Rental in Summers Gate
March 26, 2012
Lake Michigan property encompasses a large portion of the massive lake which translates to many properties in different neighborhoods.  Many of these homes for sale are...
> Full Story

Copyright 2018 Paradise Properties Harbor Country | 511 lake street St. Joseph, MI 49085
Phone: (269) 469-3300  |  Fax: (269) 982-8525  |  |  Privacy Policy  |  SiteMap
Real Estate Web Design