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Adjustable Rate Loan
| Q: |
I have an adjustable rate loan that is approaching 8% and I recently attended a boat show and saw fixed rate loans as low as 6.75%. Should I refinance now or wait?
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| A: |
If you are uncomforatble with your current interest rate and would like to save money on your monthly payments than by all means you should refinance now. If you are trying to time the market for the lowest interest rate than you may chosse to wait, however, timing the market is not an easy task. The beauty of refinancing is that the cost is minimal so you can refinance multiple times with no hassle. |
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