Wednesday, August 20, 2014

Is it Time to Refinance?

Is it Time to Refinance? 
More Homeowners Are Doing Just That, and Here's 4 Reasons Why

In late July, the Mortgage Bankers Association reported that applications for home loan refinances have not only been holding steady, but are also on the rise.

This after home loan rates hit their lowest levels of the year, many homeowners may be ready to refinance—and there are a variety of good reasons to do so. For instance, you could:

Lower your interest rate, making a big difference in your monthly out-of-pocket costs for housing, meanwhile saving money on financing fees over the life of your loan. 

Build equity faster. On the flip side, homeowners who are in a position to make higher monthly payments could switch from a longer to shorter term mortgage, where available. 

Change your loan program from an adjustable rate mortgage (ARM) to the stability of a fixed rate mortgage, taking advantage of today's low rates and loan programs.

Cash out on equity you've already established for home improvement projects you've wanted to tackle, to pay off debt, or send your child to college.

If you or anyone you know would like to discuss whether refinancing makes sense at this time and all available opportunities, please get in touch. I'm happy to help.