“Refinancing” is a scary word for many people, but that should not 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 have been hearing that interest rates will be on the rise, and although there have been some small increases, you are 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.
Do not 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 are 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 are planning to stay in the home, the more sense it makes to look into refinancing.
If you would like to learn more about your options, complete the GET IN TOUCH form on this page and we will have a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United Real Estate Company, get in touch with you.