Should you refinance?
If you’re a homeowner, chances are you’ve seen or heard that current mortgage rates are the lowest they’ve been in history.
Above all, this is great news for home-buyers. But have you considered what it may mean for you as a homeowner?
Whether you’ve been in your home for a while or not, refinancing may be beneficial for you. In this blog, we are going to discuss the reasons you should consider a mortgage refinance.
Here are our top 3 reasons to refi right now.
1. Lowest Mortgage Rates in History
What’s the #1 reason to refi now? Rates are 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.
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, etc.
If you’ve been in your home several years, you may benefit from a cash-out refinance. This process involves accessing the equity in your home to get cash out. This can be used to meet larger financial goals 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 PMI (premium mortgage insurance) or MIP (mortgage insurance premiums). Click here to see the difference.
This means you have an extra amount of money each month on your mortgage payment going to insurance. Refinancing could help you eliminate this which may again, lower your payments putting more cash in your pocket.
If you’re not sure whether you’re paying mortgage insurance or not, schedule a mortgage checkup with your local Inlanta loan advisor today!
In conclusion, these reasons and more make now an opportune time to refinance. Contact us today to help you get started.