Refinancing in a High Interest Rate Environment

November 28, 2023 | Posted by: Sharon Patton

Are you looking for ways to reduce your monthly mortgage payments?

Are you worried about high interest rates?

Are you looking for a way to increase your cash flow?

Are you looking at a large expense in the near future?

Refinancing your mortgage could be the solution you're looking for, even in a high interest rate market. It's important to carefully consider the costs and benefits before making a decision. Let's look at these below.

Will my monthly payment be higher in this high interest rate market?

Not necessarily. Your payment is based on the mortgage amount needed, the length of the term, and the amortization. We can explore what options will work to have your monthly payment line up to what you can afford.

Have you noticed your monthly cash flow has trickled?

When interest rates rise it affects more than just your mortgage. Interest rates on loans, credit cards, and lines of credit follow suit. You might be seeing a decline in your cash flow as your payments for other things increase. We can consolidate your high interest debt into your mortgage with a refinance.

Let's look at the numbers and how you can not only increase your monthly cash flow but save thousands in interest.

Do you have a large expense coming up?

Utilizing some of your equity to cover an upcoming expense could still save you money in this rate environment. The interest rate on your mortgage is going to be lower than a credit card or loan.

What can I do if I don't want to break my current low interest mortgage?

If you are looking to keep your current mortgage intact, we can explore the options of a secured line of credit or a second mortgage. This could be a solution to any unexpected expenses that arise or repairs that are looming.

Let's protect your financial future. If you are looking to refinance, let's chat and explore the options that best suit your current financial needs.

Back to Main Blog Page

Mortgage Blog