(Radio Iowa) — The president of the Iowa Bankers Association says it is a good time to look at your outstanding debt and see if you can lower it. I-B-A president John Sorensen says interest rates continue at historic lows. “Most Iowans are aware that this is a very good time to take out a mortgage loan for example — or refinance your mortgage loan,” Sorensen says. “We are seeing those rates have dropped significantly. So, it’s certainly something for Iowans to look at if they are looking to reduce their cost of debt service on a whole range of credit that they may have whether its an individual or a business.”

He says it could be worth it for you to review your situation. “I would certainly contact your lender and see what your options are — but obviously if had a mortgage loan for a period of time — it’s certainly good to compare the rate you are currently paying to what the rates are today. And if you can refinance and lower your monthly payments –that’s always a good thing,” Sorensen says. The Fed recently lowered the interest rate in response to the coronavirus outbreak. Sorensen says the drop in rates has an impact on lenders. “Obviously when it’s a significant drop in rates like we’re seeing — it can challenge the financial institutions — because the margins between deposits and lending tend to tighten in this kind of environment,” he says.

But Sorensen says it should not be a burden they can’t handle. “Iowa banks are in a very sound position to be able to manage through this period of time,” Sorensen says.  He says you can contact your financial institution only or via phone to set up a review of your situation.