With mortgage rates in the 2’s for some borrowers, it’s time to refinance. If you’re paying too much for your mortgage, or feel locked into a 30 year mortgage, or need cash for projects or to pay off debts, a refinance could solve your woes.
Not only have rates dipped into the 2’s, but home values are rising. It’s the perfect storm of opportunities for getting your mortgage payment under control! Who are the top candidates to refinance to a lower interest rate right now? Some of the people who most need to look at a refinance are:
- Homeowners who purchased a home prior to July 2014
- Homeowners who currently pay private mortgage insurance (PMI)
- Homeowners with an FHA loan who want to cancel FHA PMI
- Homeowners who carry a credit card balance from month-to-month
- Homeowners who want to use home equity to pay for home improvements
- Homeowners with an Adjustable Rate Mortgage
Do you have an FHA or VA Loan? Both the FHA Streamline Refinance and VA Streamline Refinance offer reduced eligibility standards and waive the need for a home appraisal.
If you carry debt or need cash for home improvements, a Cash Out Refinance can solve your problems. A Cash Out Refinance uses the equity in your home, higher home values, and lower rates to let you take money out of your home!
An Adjustable Rate Mortgage, or ARM is a gamble. It’s one you’re winning right now with rates so low, but they will swing back. Now is the time to concert that ARM to a fixed-rate mortgage. Know what you will pay every month.
When lower rates hang around as they have, many homeowners will feel the need to wait out the market, hoping to hit the lowest rate. However, these things can change in a moment. A disaster, a terrorist attack, the election results, or anything in the news can spook investors and change rates.
Your strategy can end up costing you thousands if you miss out on low rates. Remember, you can’t know where “the bottom” of the market is until the market rebounds. Rather than trying to “time the market” for mortgage rates, think about limiting your risk and your exposure to changing mortgage rates.
Take advantage of lower mortgage rates to refinance your home and save thousands of dollars. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?