When interest rates are low, you have a real opportunity to chart a course to a better financial future. If you’re wondering how to do it, here are a few simple examples of how you can take advantage of low interest rates.

Refinance your home

If you already have a mortgage, refinancing at a lower rate is a straightforward way to lower your monthly payment or lower the total amount of interest you’ll pay over the life of your loan. An experienced mortgage broker can help you compare different refinancing strategies to help you determine which one is right for you, or if you’ve better off not refinancing at all.

Pay off high-interest debt

As part of the refinancing process, you may be eligible to pull cash value out of the equity in your home. You can use this money to pay off other high-interest debt such as credit cards, student loans, car loans and so on. There are multiple strategies for debt consolidation depending on your goals. You can either refinance your first mortgage and roll the cash payout into your new loan or you can take out a second mortgage (home equity loan) or home equity line of credit (HELOC). Speaking with a mortgage specialist can help you decide which loan type is right for you.

Buy a house

If purchasing a new home is part of your current life plans, the time to pull the trigger is when rates are low. Low interest rates can significantly lower your monthly payment and make it easier for buyers with challenging financial backgrounds to qualify. Alternatively, low interest rates give you the option to take out a bigger loan for the same monthly payment, making it possible to upgrade to a larger floor home. Low rates can give you the buying power you need to get the house you really want.

Lock in your rate for the long haul

When interest rates are low, homeowners are more likely to choose fixed-rate loans to best take advantage of the savings. With a fixed-rate loan, you’ll know exactly what your interest rate will be for the life of your mortgage, offering financial stability and easy planning for years to come. Talk to one of our mortgage brokers today or click HERE to quickly see if you qualify for a better rate.

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