Michael Giusti: 7 Things You Need To Know Before The Fed Treks Rate Of Interest

Rate of interest may be near historic lows, but the majority of monetary advisors agree they cant remain low permanently. As the Federal Reserve weighs the timing of an increase in rate of interest, wise consumers can get their monetary house in order before those low rates are history.

The basic consensus is that rates will rise. Nobody anticipates it to be a dramatic shift, but the clock is ticking on todays low rates, says Craig Martin, director in the home mortgage practice for JD Power and Associates, based in Westlake Town, Calif.

. ExamineTake a look at home mortgages

Financial consultants agree that if you are on the fence about purchasing or refinancing, now is the time to act.If someone had a home mortgage, that would be one of the very first things Id discuss, states Tony DAmico, CEO of financial advisory firm The Fidato Group.

However, Martin alerts that just since rates are low does not suggest you should delve into a mortgage without believing everything through.