Politicians and economists alike have promoted home refinancing as one of the keys to jumpstarting the American economy. While your motivations may be less high-minded, it makes sense for military homeowners who have not recently done so to consider refinancing. Record low mortgage rates will help you lock in lower monthly payments, save on the total cost of your loan, and free up cash that you can use to pay down debt or purchase other necessities.
This article by Ethan Ewing will serve as a basic primer on home refinancing – how it works, when to use it, and what to expect in today’s banking climate. We will also look at a specific refinancing program for military families.