Okay so you have made grandma’s recipe for the perfect pot roast or oven baked ham, spent time with your family over a video call, and enjoyed a bunch of holiday movies in your beautiful home. Now what?
An estimated 19 million homeowners in the U.S. can benefit from refinancing their mortgage payments. According to Black Knight, a data and analytics provider for the mortgage and real estate industries, the incentive to refinance remains high for homeowners with a 30-year mortgage.
As of January 5, 2020, here are the mortgage rates in the United States were found to be as low as:
15-year fixed rate: 2.44%
30-year fixed rate: 2.75%
Refinancing is a great way to save money on your home. You have already bought it, settled in, and created a bunch of memories, so one way to enhance your home experience would be to pay less on your mortgage payment.
Working to refinance your home is not the simplest task to do. You are basically taking out another loan like when you bought your house the first time. However, there are payoffs associated with doing this. Here are some things to consider when refinancing your home.
Consider your interest rate
Refinancing your home will not automatically reduce your monthly rate. You must be strategic about it and enlist the help of people who have experience with home loans. Our mortgage company employs the best of the mortgage industry. We have experienced loan officers with proven track records in getting our clients what they want, which is ultimately savings and the best deal.
Consider your timeline
may not be the best move to refinance a loan that is nearing its completion. You must keep track of where you are at in your home loan to make the best financial decisions. Will you be moving to another state? You may want to keep the home and rent it out and, in this case, refinancing could be a great option.
Consider your employment
Are you an educator who teaches students what they need to know to be successful? Are you a veteran who has dedicated their life to the service? Are you a medical professional or a first responder who has spent most of 2020 making sure every day American citizens are taken care of? You will want to look for programs, such as the Teacher’s Appreciation Program, Hero Loan, and the Healthcare and First Responders Program to serve your needs. These programs are designed to help hard-working citizens who are hometown heroes because these essential services keep our communities together.
Cheers to the new year! In our next article, we will talk about how you can prepare to buy a home in the new year. 2021 is here, so it is time to start planning.
The Home Loan Expert
