It’s no secret that everything has been getting more expensive. However, the inflation of the past couple of years appears to only be the appetizer of what’s coming.
Is refinancing your home now a smart move you shouldn’t be passing up on? Are there any other ways that you can ensure you can continue to afford to keep your home, like getting your property taxes reduced?
Bracing For Extreme Inflation & Price Hikes
Fed Chairman Powell has announced that he is unconditionally committed to breaking the current economic cycle. That looks like it will come in the form of another huge rate hike in July. With more that could come during the second half of the year.
The Fed has acknowledged that it will be hard to manage anything but a hard crash landing for the economy, and that many jobs may have to be lost in order to get things under control.
In the meantime this is likely to mean rocketing housing costs for existing property owners, with no ceiling on how high things could go.
Now is the time to take action to make sure that you can keep your home, and keep it affordable.
Refinancing Your Property
Refinancing your property may be one of the smart moves you can make right now.
This is especially true if you have an adjustable rate loan, line of credit, or a loan that is maturing.
There is no telling how high interest rates will go if you wait. While mortgage lenders are likely to pull back and be far more conservative and tough on their underwriting criteria.
If you don’t have an affordable long term fixed rate loan in place, now is the time to lock that in.
Some may wish to do a cash out refinance to increase the amount of cash reserves they have on hand to weather other escalating prices. Like groceries, gas, and utilities and maintenance needs at home.
These funds may also be used to catch up on your property taxes so that you don’t lose your home to foreclosure.
A debt consolidation loan may help by rolling variable rate debt into a fixed rate and payments each month.
Reducing Your Property Taxes
Whether you are able to refinance your home or other debt, or not, another great way to reduce your housing costs is to appeal and lower your annual property tax bills.
With the help of Property Tax Adjusters, Ltd. you can challenge your assessment and bill, and perhaps save thousands of dollars each year. That could make all the difference in being able to keep your property.