Thinking about refinancing your home but not sure if the time is right? Check out these 4 reasons why it pays to refinance now:
Refinance Now Reason #1: Rates Are Still Low
Mortgage rates are still historically low. For example, the average rate on a 15-year fixed mortgage 10 years ago was 6.23% APR, according to Freddie Mac. And with mortgage rates projected to rise throughout the remainder of this year and into next, why wait?
Refinance Now Reason #2: Pay It Off Quicker
Own your home outright faster by shortening your term. If your financial picture is brighter than it was a few years ago, you’ve added a second income or paid down student loans now is the perfect time to refinance into a shorter term while rates are still low.
Refinance Now Reason #3: Say Goodbye to PMI
With home values on the rise now might be the perfect time to refinance and say goodbye to mortgage insurance if you have less than 80% loan-to-value. You’ll save money now and down the road.
Refinance Now Reason #4: Fall Home Renovations
Winter is coming so why not get a head start on all of your home renovation projects. Refinance now for cash while rates are still low, before leaves begin piling up and the relatives arrive for the holidays.
Still not sure the time is right to refinance your mortgage loan? Schedule a free Home Loan Consultation to talk about it more with one of our non-commissioned home loan experts who will meet with you, in person or over the phone. During your free consultation, they’ll help you find the right loan for your refinancing needs – no pressure, no obligation.
Do you have any additional reasons to refinance now? If so, please share below: