Many Chantilly and Northern Virginia home owners, like those elsewhere, have wondered about refinancing their home, given the amazingly low prevailing interest rates.
If this has been on your mind, take a few moments to view this Today Show video. Even though this was aired in September, I think you will most of the info current.
One of the key questions of course, is whether the costs of doing a refi outweigh the benefits.
Key points include:
- Lower rates mean higher costs. At least check out the slightly higher-rate option from your bank.
- Falling home values may make it harder to refinance in the future. Your window of opportunity may be now.
- If you have had a 30-year loan for many years, consider a 15-year mortgage to avoid "resetting" your term.
You will find lots of quality information in this short video.
If you need a quick reading on the current market value of your Northern Virginia home, or if you want a refeerral to a few quality loan officers, please let me know. We are always here for you!
[The Kathy O’Neal Team serves home buyers and sellers in Northern Virginia, with special focus on Chantilly, Centreville, and the communities of the Western Fairfax region.]
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