As the coronavirus pandemic continues to test the U.S. economy, the Federal Reserve has slashed mortgage interest rates to record lows in order to encourage as many borrowers as possible to invest in the housing market. With that in mind, depending on the specifics of your financial situation, it could be a good time for you to take your retirement plan a step further and access these low interest rates by doing a mortgage refinance (which can lead to lower rate and payment).
Before you refinance your current loan, make sure you use an online marketplace like Credible to compare multiple lenders and view current refinance rates.That said, refinancing may not be the best choice for everyone. If you’re retiring or are getting ready to do so in the near future, you may have to do a loan overview and mull over your loan options to decide if refinancing is the right fit. Read on below to learn how to determine if now is the time to refinance your home.