With today’s market, our own friends and family are asking, “Is now a good time to refinance?” The truth of the matter: refinancing offers many financial benefits to you, the borrower. Below we’re outlined five benefits:
- Shorten the Term of Your Loan
- If you’re currently in a 30-year fixed mortgage, we have good news! With the market’s low rates, a 15-year fixed mortgage may be comparable to the loan payment you’re currently paying.
- Lock In A Lower Rate
- If you did not opt for a fixed mortgage, now is the opportunity to lock in a fixed rate to save you from future rising interest rates.
- Lower Your Interest Rate
- Generally speaking, when we review your current mortgage for a refinance opportunity, we’re looking for a couple key factors:
- Current Interest Rate
- Home Equity
- Current Credit Score
- Every borrower’s financial situation and goals are different. We will work you to ensure you’re making a beneficial refinance decision for your current and future finances.
- Cash-Out Home Equity
- Have you acquired home equity by faithfully paying your mortgage? If so, a refinance may be a great way to convert home equity into cash that you can use now.
- Save on Monthly Payments
- Don’t spend more on your mortgage than you need to! Refinance to reduce your monthly mortgage payment. We’re sure you can find better ways to spend (or save) your money!
The bottom line: there are many benefits to refinancing in today’s low interest rate market. Remember, rates will not last. They fluctuate over time! To learn more about your refinance opportunities while rates are low, contact our team of loan officers. They’re here to help you navigate your options. 833.354.5626