There are many factors to consider when deciding on the best time to refinance a home loan. An important consideration is that if you choose to wait until your current mortgage term ends, then you may be subjecting yourself to higher interest rates for months or years. If your monthly payment remains constant, it’s often better for most people (particularly those with adjustable-rate mortgages) to let their current interest rate expire and start fresh at a lower one; this is because over the life of the new mortgage all possible future interest rates will become known. In contrast, if you continue paying off one fixed-rate mortgage from month-to-month as it comes due, there’s no guarantee that any other lender won’t raise its own rate above what you can afford before your next payment arrives.
6. What type of property should I purchase?
Prefabricated homes have been around since World War II but only recently have they begun taking hold in American markets as a viable alternative to traditional construction methods such as stick frame and panelized homes. Many prefabs come complete with appliances and fixtures already installed so buyers simply move them into place according to instructions provided by their manufacturers—a process known as “semiattached construction”—with all necessary wiring already in place from factory or dealer installation services available locally through electricians who specialize in prewired houses (see Chapter 4). Others arrive mostly fully assembled but require some finishing touches