Refinancing Your Home

With interest rates dropping below 4%, now could be the time to refinance your home.

But Vice President of Century National Bank, Bruce Kolopajlo says there are a few things you need to know before you do it.

"If you already have paid ten years on your loan, and you go to refinance, you certainly wouldn’t want to take it back out to thirty years, unless for economic reasons you need that lower monthly payment." explained Kolopajlo. "If you could stay on course, and pay the remaining twenty years, then you have the possibility to save money."

While refinancing may not be the best option for everyone right now, Kolopajlo says with interest rates as low as three and a half percent in some situations, it is an extremely popular choice, and can be beneficial.

"When you talk about dropping the interest in half, you’re dropping the amount of money you’re going to repay back to that bank in half, so that’s certainly the pro." said Kolopaljo.

He says that decision to refinance depends on each individuals situation. He advises calling your bank to find out what the best decision is for you.