Real OPTIONS | Refinancing to Shorter Terms

“Freddie Mac chief economist Frank Nothaft says, ‘there’s a lot of chatter about the [Federal Reserve] pushing rates up’ in the coming months, so many homeowners are checking out their options on locking in rates that may well be the best they will ever see. Freddie Mac’s own forecasts put 30-year fixed rates at 5.25% by the final quarter of this year.”

If you’re a homeowner who has equity and solid credit—you may be able to take advantage of the low interest rates and refinance your mortgage for a shorter term.  An interesting and potentially very financially savvy option particularly for those baby boomers who want to own their home outright when they retire.

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