“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.
Author:Andrew Johnstun CalBRE 01961193 Phone: 916-996-4407 Dated: February 5th 2018 Views: 57 About Andrew: Drew was born and raised in Placer County. He is considered a specialist in the area and has lived ...
View our latest blog posts in your RSS reader. Click here to access.
About eXp Realty California - Northern / Central Valley
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
The results of the 2018 Rental Affordability Report from ATTOM sh
"Colleen was excellent at communicating with the seller and sending information back and forth. She was also very proactive in helping me chose a lender and staying up to date with the lender to mak e sure things progressed in a timely manner. She was very aware of the timing of all the deadlines throughout the process and kept things moving very efficiently. Colleen has been providing real estate service in the community for over 15 years and is a great choice for any buyer or seller, private home or commercial properties. I have several other friends who have also used Colleen's services and were very satisfied."