“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
YOU’RE NOT TOO LATE
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
IT’S NOT TOO TIME CONSUMING
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?
ARMS CAN BE REFINANCED, TOO
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.
Your next read…
- Understanding Title Insurance: Owner’s Policy and Lender’s Policy
Title insurance is essential in real estate transactions, protecting against potential title defects. There are …Understanding Title Insurance: Owner’s Policy and Lender’s Policy Read More »
- Consider This: When to Refinance
Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of … - 4 Ways You Can Use Your Home Equity
Homeowners have likely seen a significant increase in their equity due to rising home values … - Housing Inventory Remains at Historic Lows, Creating a Seller’s Market
One of the most significant challenges in the current housing market is the scarcity of …Housing Inventory Remains at Historic Lows, Creating a Seller’s Market Read More »
- Your Needs Matter More Than Mortgage Rates
If you’re considering selling your house, it’s likely because something in your life has changed. … - Why Buying a Home Makes More Sense Than Renting Today
Wondering if you should continue renting or if you should buy a home this year? …Why Buying a Home Makes More Sense Than Renting Today Read More »
Thank you for clarifying all of this! I go back and forth whether we should refinance and this all made it more clear for me! Thanks Lori! You’re always adding value to people’s lives!
I am so glad this information helped. I’m always here to answer any of your questions!