Should you refinance?
If you’re a homeowner and you thought you missed the boat on refinancing your mortgage to a lower interest rate, you’ll be happy to hear that it’s absolutely not to late to refinance! Today’s rates remain near-record low and aren’t expected to make any big changes in the near future.
In fact, in a recent interview with The Mortgage Reports, Nadia Evangelou, senior economist and director of forecasting for the National Association of Realtors, stated: “The economy is growing faster than expected as more Americans get vaccinated against COVID-19 and resume traveling and going to restaurants, bars, events, and shows. However, I don’t see mortgage rates making big moves in the near future,” she said.
This means great news for homebuyers who have been on the fence to refinance. Whether you’ve been in your home for a while or even bought or refinanced your home just a few years ago, you could benefit from a refinance. Here are our top 3 reasons to refi right now.
1. Near-Record Low Mortgage Rates
What’s the #1 reason to refi now? Rates remain near the lowest in history! Refinancing may end up saving you hundreds on your monthly mortgage payments and maybe even thousands in interest over the life of your loan. Just imagine what you could do with that extra money!
2. More Financial Freedom
With a refinance comes the potential opportunity to gain more financial freedom with the money you save on your payments. Use the extra money to pay down debt, build a savings, take a vacation, or put it towards another financial goal.
If you’ve been in your home several years, you could even benefit from a cash-out refinance. Accessing the equity in your home via a cash out refi can mean using that money to meet larger financial goals, do a major home renovation or simply live more comfortably – whatever you choose to do!
3. Drop the Mortgage Insurance
If you originally purchased a home with less than 20% down, you’re likely paying monthly PMI (premium mortgage insurance) or MIP (mortgage insurance premiums). Click here to see the difference. Refinancing could help you eliminate that extra monthly premium payment, lowering your payments putting more cash in your pocket.
The first step to refinancing is to schedule a mortgage checkup with your local Inlanta loan advisor today to learn what all your options are. The window to refinance is narrowing, making it the ideal time to refinance for homeowners who haven’t taken advantage yet of these low rates. Contact us today to help you get started.