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Your money: the Fed's surprise cut is a cure for the urge for mortgage rates
This week, Burkley was able to help a friend consolidate his first and second mortgages and his credit card debt, and reversed his cash flow by $ 1,700 per month.
"I told him that now you can work smarter, not harder," said Burkley.
GO SHORT
If your goal is to get out of debt earlier or reduce long-term costs, consider shortening your loan term to a 15 or 20 year loan instead of the more common 30 year mortgage. You could get rates below 3% now, depending on the circumstances.
This decision, however, is not for everyone, because shorter loans come with higher monthly payments, even if the rates are lower. If you don't plan to stay in your home after your payments are finished, you may not be enjoying the benefits of acceleration. In the meantime, you may have been able to use this extra monthly money for other uses, such as building an emergency fund or saving for retirement.
"Once you've signed up, you can't make a change easily or at no cost," warned Keith Gumbinger, vice president of HSH.com, a mortgage information website.
Of course, whether or not you have a chance to get such low rates again is a difficult game to play.
"If it was only a quick correction, and we returned to steady and slow growth, that is one thing. If there is a recession, well", a said Olsen.
But again, "It's amazing how often these unique things happen," said Gumbinger.
(Follow us @ReutersMoney or at http://www.reuters.com/finance/personal-finance. Edited by Lauren Young and Paul Simao)
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