Don’t Brush Off Refinancing Because It Seems Like A Daunting Process!

Dated: May 26 2020

Views: 14

“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.

Blog author image

Sadhana Kumar

I strive to demonstrate the highest level of integrity, commitment, experience, and to bring a little fun into every real estate transaction. I've lived here for most of my life, and I love the Lower ....

Latest Blog Posts

7 REASONS YOU SHOULD USE A BUYER'S AGENT

Purchasing a home is one of your most significant and important life events and having a buyer’s agent represent you throughout the process is highly beneficial.  Seller’s agents

Read More

What’s Involved in Conveyancing Property, and What Documents Are Involved or Required?

What’s Involved in Conveyancing Property, and What DocumentsAre Involved/Required?To be well informed is a great way to save money. More so when it comes to the world of

Read More

THE DO’S & DON’TS BEFORE BUYING A HOME

THE DO’S & DON’TS BEFORE BUYING A HOMEDo keep your credit score steady throughout the home buying process.Do avoid inquiries on your

Read More

Five Simple Steps for a Better Home Appraisal!

If you’re looking to refinance your home or possibly sell, you’ll need a killer appraisal. A bank will not refinance a home for more than it is worth, and a potential buyer will not pay

Read More