It’s officially the end of 2020 and like most, we are truly looking forward to a new year.
In spite of the many ups and downs we’ve experienced this past year, one thing that stayed down for the better was mortgage rates.
Given the positive changes in the housing market and a new year on the horizon, now is a great time to do a review of your current mortgage loan with a trusted lender.
Here are top 3 reasons we believe you should do a mortgage review today:
1. Rates are Low
If you’re a homeowner, you have likely heard or been contacted about today’s historically low interest rates. Lower rates offer the opportunity to refinance at a better rate than you originally secured when you first purchased your home which can benefit you by lowering your monthly payment, for example.
2. Your Situation has Changed
Another great reason to conduct a mortgage checkup would be a change in your current financial/familial situation. For instance, if you purchased your home and needed PMI (premium mortgage insurance) at the time, you may be able to refinance now and eliminate PMI to lower your payment.
3. It’s Been a While
Perhaps it’s been quite a while since you purchased your home or even had a mortgage review. If you’ve been in your home for several years, there’s a good chance you have built up enough equity to take out to live more comfortably, pay off some debt or even buy the car or take the vacation you’ve always wanted.
A brief meeting with your mortgage lender can make all the difference. If you’re ready to have a mortgage review, contact your local Inlanta Mortgage loan expert today.