Now a good time to REFI your home?

Dated: 11/01/2019

Views: 136

“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.

* The Brilliant Team is brokered by eXp (thousands of Luxury and Commercial Investments sold recently)

Blog author image

Dwight Cook

BRILLIANT Real Estate Team, Technology Driven but Customer Focused. Let's Talk!....

Latest Blog Posts

New trends in luxury. What do luxury buyers want?

The flourishing second home market has been a bright spot in a softer high-end real estate space. Intent to purchase is high, buyers are younger, and the drive to own a second (or third or fourth)

Read More

Want to prevent identity theft?

How to Prevent Identity TheftOnly carry essential documents and cards with you.Avoid carrying extra credit cards, your Social Security card, birth certificate or passport with you outside the house

Read More

Consider this before you buy a home warranty!

If you just bought a house or have owned it for a while can you afford to replace your appliances? Many refrigerators cost over $1,000 and certainly, the HVAC system is more than that. What about

Read More

5 Steps to Finding Your Next Home

5 Steps to Finding Your Next HomeWhether you’re a first-time buyer or a seasoned homeowner, shopping for a new home can feel daunting. In fact, 56% of buyers said that “finding the right

Read More