Should I Refinance My Mortgage?

Refinancing your mortgage is a big step.  It’s something that you want to consider carefully.  After all, it’s the biggest transaction of your life.  When you refinance, you are determining your entire financial outlook.  With interest rates so low right now, you should take a look at your monthly mortgage statement and ask yourself “should I refinance my mortgage?”

Do You Have an ARM?

If you have an Adjustable Rate Mortgage, or an ARM, you’re feeling pretty smart right now.  You’re riding that low-interest rate and making low monthly payments on your mortgage.  What happens when the rates go back up?  Now is the time to lock in.

Your ARM is only going to go up from here.  Wouldn’t you like to keep paying this rate for the rest of your mortgage?  You can refinance your mortgage right now to today’s low rates in a fixed-rate mortgage and keep the low payments going.

Are You Paying PMI?

PMI isn’t a fun thing.  It’s the Private Mortgage Insurance that is required on most mortgages if you buy with less than 20% in the down payment.  It can cost several hundred dollars a month, depending on when you got your mortgage and how much you owe.  If you have over 20% equity in your home, you can refinance and stop paying off that PMI, lowering your monthly payment.

Do You Want to Pay Less Every Month?

If you refinance right now, you can likely lower your monthly payment.  How, you ask?  Rates are at historic lows.  Consider this – if you bought your home 10 years ago, you are likely paying 6% or more in interest on your mortgage.  That’s a huge jump over the current rates in the 3’s,  and if left unchecked, will cost you thousands of dollars over the life of your loan.  Get a quote (we’re happy to give you one!) and get your mortgage rate under control.

Do You Like Money?

Sure, everybody does.  If your home value is rising and you have equity built up in the home, you can take out a Cash-Out Refinance that you can use however you want.  You can finance college, make home improvements, buy a boat, whatever you want to do.  It’s your money.  You can also use a refinance to pay off your high-interest credit card loans, by rolling them into your house payment.  If you do that, we’ll even write the checks to your credit card company for you!  With the average American household carrying $15,191 in credit card debt and $33,607 in student loan debt, many families are struggling to make payments.  When you look at credit card interest rates that average over 15%, you can see why.

Rolling all of your debt in under your lower interest rate mortgage can save you money.

If you’re ready to take rising home rates and low-interest rates and use them to your advantage, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or 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. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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