Homeowners with J.P. Morgan Chase have been refinancing their home loan in order to get a lower mortgage rate and a lower monthly mortgage payment as well. Many homeowners, with a variety of lenders, have been able to lock in record low interest rates over the past few months, which for many, has brought a lower monthly mortgage payment.
Commonly, homeowners refinancing for 30 year fixed-rate mortgage, which at the current time is bringing in an interest rate of around 5%, depending on the homeowner. While 5% is a much lower mortgage rate for many people, homeowners have been looking to get a lower mortgage payment more so than just a lower mortgage rate.
Financial struggles have caused many homeowners to seek out options for making their mortgage more affordable and rather than go through the home loan modification program many homeowners chose the route of refinancing instead.
While refinancing for a 30 year fixed-rate mortgage may be beneficial for some homeowners, anyone that is still considering refinancing for a lower mortgage rate needs to look at their personal financial situation and make sure that they can afford the costs that come with refinancing and that doing so is in their best interest.