Refinancing and leaving a 3.5 fixed rate behind

[Jorge Garcia]

Have refinancing rates gotten better or is it recommendable to wait until next year to see what happens? I want to start a business and I want to use that money towards it. However I got this property locked in a fixed 30 year 3.5 rate and it hurts saying goodbye to it. Are there any banks doing refinances with some good rates at the moment? Just need a little insight from someone that has done it recently or know about this topic. Thanks ..

[Connor Hibbs]

Hi Jorge,

A HELOC may be your best option on this one as you won't find anything close to the 3.5% rate that you've got. Something to keep in mind as well would be if there are any prepayment penalties on the existing loan that you've got as that would cut even further into the funds you'd be looking to take out. If you'd like to explore options, I'd be happy to help, but HELOC seems to be the best route for you here.