July 22, 2008 • June Walbert
Q: I have and adjustable rate mortgage with 12 months left at my current rate. Should I refinance now, and if so who should refinance with? Thank you.
—Ronald
A: Your question is very timely! I have to make the assumption that you plan to stay in your home for awhile. So in that case, yes, explore your refinance options — and soon. Interest rates are attractive right now and without a crystal ball, I can't tell whether or not rates may be higher in the next 12 months. Do not bet on the future, rather take the rate you can get today. I like fixed rate mortgages because you can budget for them now and for the life of the mortgage. As with any financial product or service, it pays to shop around. Start with your current lender to get a point of comparison from which to work. Don't forget to check both the rates and closing costs, so you get an apples-to-apples comparison.
Continue reading »
About USAA
USAA or its affiliates do not provide tax advice. Taxpayers should seek advice based upon their own particular circumstances from an independent tax advisor. The information is provided for informational purposes only and is not intended to substitute for obtaining professional financial advice. Please thoroughly research and seek professional representation before acting on any information you may have found in this article. This article is in no way attempts to provide advice that relates all personal circumstances.
Examples given are hypothetical illustrations and not an indication of the benefits or features of any USAA product. You should seek policies and advice based upon your own particular circumstances. Sample loans are for illustration purposes only and are not a rate quote, pre-approval, or commitment to lend.
June Walbert is a CERTIFIED FINANCIAL PLANNER TM practitioner with USAA Financial Planning Services, one of the USAA family of companies.
USAA Financial Planning Services® refers to financial planning services and financial advice provided by USAA Financial Planning Services Insurance Agency, Inc. (known as USAA Financial Insurance Agency in California), a registered investment adviser and insurance agency and its wholly owned subsidiary, USAA Financial Advisors, Inc., a registered broker dealer.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and Certified Financial Planner TM in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
USAA means United Services Automobile Association and its affiliates. Banking products provided by USAA Federal Savings Bank. Credit cards provided by USAA Savings Bank. Both Banks Member FDIC.
do you have to have a certain amount of equilty to refinance your house thinking about doing it had the house for2yrs want to do it pay off car and credit cards plus do some inside remolding
Posted by: eric wariner | August 01, 2008 at 04:23 PM
My husband died recently and was recieving disabilty from the VA. Before his death we went to the VA Admin Bldg for the Home Voucher. I asked if he died would I be able to use the voucher. I was told yes however, upon his death when I went to use the voucher I was told I couldn't because his death was not service related. Is there anyway I could use this voucher. Thank you for your time.
Posted by: Bathsheba Samuels | August 01, 2008 at 09:06 AM