Here are some things you need to know before you refinance your home:
“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can lower your monthly payments and help with your monthly budget. 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 of thumb is if your mortgage interest rate is more than one percent above the current market rate, you should consider a refinance.
IT’S NOT TOO TIME CONSUMING.
Don’t brush off a refinance just because it seems like a long and daunting process. An informational call with a lender or two (or three, or four) to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. It might take some time for everything to be finalized with the lender, but it shouldn’t take too much of your personal time. And besides, isn’t the amount of money you could save worth the time and effort?
YOU CAN REFINANCE AN 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.
HOW CAN I HELP?
Our brokerage, Grobecker Holland International has a lending branch in house! Contact me directly. I’ll make sure you get in touch with our lender for a fast and easy home mortgage!