According to a recent story first reported on cnbc.com* earlier this month, there are currently more than 1 million property owners that could benefit by refinancing. This number speaks specifically about single family and 1-4 units but those who own multi-unit dwellings, the very same holds true. While not necessarily 1 million apartment owners could benefit but if rates are so low, again, that 1-4 unit owners could benefit then so could mutli.

 

But the point here really is, have you taken a look lately at financing costs or perhaps you’ve heard the “low, low rates” mantra for so long and so often it’s just background noise now? It’s very possible to turn that noise into cash flowing music if you check into what’s currently available. And, if you have a note coming due soon, even if it’s not within the next 12 months or so, it might be a good idea to refinance your loan now and catch these low rates where they are today.

We’re not sure exactly where we’ve heard this but we’re sure you’ve heard it as well- you can find two economists looking at the very same numbers who will predict the very opposite of one another. And if you simply peruse the internet and search for stories on “economic forecasts” you can bet you’ll find opposing views based upon the very same set of circumstances. Go ahead, take a second and go take a look and you’ll see what we mean.

The point of all of this is not to prognosticate and try to bet on future markets but instead take advantage of what’s available right now. Even if you’re just four years into a five-year hybrid it’s time to review what you have and see if locking in today’s financing costs instead of waiting until you’re forced to refinance or your loan turns into a six-month or annual variable rate. The prudent move says at least to explore your options.

* cnbc.com, August 1, 2016