“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
YOU’RE NOT TOO LATE.
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
IT’S NOT TOO TIME CONSUMING.
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?
ARMS CAN BE REFINANCED, TOO.
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.
Author:Emma Lefkowitz and Brian Tague Phone: 619-647-1739 Dated: July 29th 2019 Views: 951 About Emma Lefkowitz and: The Barron Team is a small and powerful team of professionals, led by Emma Barron Lefkowitz and supp...
View our latest blog posts in your RSS reader. Click here to access.
Ever wish you could become one of those rare morning people? The ones
"Nick Wall was amazing in helping us sell our condo in Mira Mesa and buy a home in Rancho Bernardo. Very knowledgeable of of the processes and was able to get us exactly what we wanted. Nick negotiated a lease back for us, which gave us more than enough time to find the home we love without having to rush after selling our condo. Nick was transparent throughout the entire process and was patient in answering our many questions. He was also sensitive to our current situation (infant child with 2 working parents) and took that into consideration when negotiating or scheduling things. He even offered to help us with moving-related tasks after we closed escrow (meeting trade workers at the home during working hours, small maintenance jobs, etc.). I highly recommend Nick and will be referring him to anyone I know who's looking to buy, sell or just needing to have a conversation with a real estate professional!"