Should you refinance your mortgage if you plan on moving?
By Lauren Bowling article
How to know when it makes sense to refinance your mortgage even if you are planning to relocate. (iStock)
We’re all familiar with the token financial advice that dominates the news cycle every January: contribute 10% of your salary each year to retirement, save an emergency fund, eliminate high-interest debt first, and don’t refinance your mortgage if you want to move in the near future.
But what if it is time to shake up that advice? Due to the COVID-19 pandemic and its effect on interest rates, current mortgage rates may still be low enough for it to make sense to refinance – even if moving is in the near term future.