Historic Interest Rates - Time to Refinance

Blog Post Image
Real Estate

Time To Refinance?

September 2019

We are still seeing historic low interest rates with perhaps one more reduction before the end of the year by the Feds.

Now is an excellent time to refinance. I have many clients currently investing in rental properties because money is so cheap to borrow~ Or perhaps it's a good time to get an equity for a remodel, or just to have for an emergency.  Or if you just want to pay off those high interest rate credit cards, now would be a smart time to do it.

Common reasons to refinance include: lowering interest rate, reducing length of mortgage, making home improvements, converting to an ARM, escaping a balloon provision with no conversion option, and/or consolidating debt.

Calculate the savings by looking at your current monthly payment, original cost of the home, itemized refinancing costs, monthly payment after the refinance, how long you plan to live in the house after the refinance, amount owed on the house, and break-even point (cost of the refinance divided by monthly payment savings).

Contact your bank or mortgage broker to get all the details and benefits.

Or feel free to contact me and I would be happy to provide you with several top mortgage broker's I work with.