HONOLULU (HawaiiNewsNow) - It's the beginning of the year, many are already thinking of saving money and spending less. One way is to lower your mortgage payment every month. That's usually the biggest bill that you get every month. But how do you know if this is the right time to refinance your mortgage.
Bank of Hawaii's Senior Vice President of Mortgage and Finance Carol Marx believes there are several reasons you should explore re-financing. If you have had a loss of income in your household, this may be one way to get some relief. That includes anyone who was laid off, had a reduction of hours or lost one of his/her jobs. You should also consider the fact that interest rates are at a record low and with the threat of inflation, they will not stay low forever.
Other reasons to refinance, Marx said it's a way to pay off debts that you may have accrued in the past. It may help you consolidate your payments for the bills that you do have. Also, you can use the money for investments or to pay for college.
