Maybe You Should Consider Refinancing Your Mortgage
In the Colorado Market for more information about getting qualified to purchase a new home, second home, investment property or about refinancing your mortgage feel free to call Keith Smith and his team at 855-LOAN-303, email Keith directly at ksmith@amerifirst.us or apply online at www.keithsmith.name -Part of the Mark Taylor team and the Amerifirst Family.
Maybe You Should Consider Refinancing Your Mortgage
Refinancing a mortgage could be that golden opportunity to lock in today’s low interest rate for the next 15 or 30 years. Today's interest rates are still low, but there’s a good chance they will be heading up in the coming months.
The Fed won’t maintain the current bond purchasing level forever, and just as rates spiked in September when the Fed hinted the bond purchasing would change, rates will spike again and will do so at higher rates when purchasing levels actually do change.
As interest rates remain very low for 30-year and 15-year mortgages, homeowners can benefit greatly from a refinance. Several categories of people in particular should consider refinancing.
Carrying A High Rate
Anyone with an interest rate well above today’s level should think about refinancing. That is unless the homeowner is planning to sell within the next few years, a refinance will almost always save money in the long run if the rate can be lowered by at least a percent.
Switching From FHA To Conventional
Given that FHA mortgages now carry mortgage insurance premiums for the life of the loan, it makes a lot of sense for borrowers to switch away from them when they can. Refinancing may be possible once the homeowner has built up enough equity to qualify for a mortgage from a traditional lender, without the burden of mortgage insurance. This most certianly will lower the payment.
ARM Coming Up On Adjustment
The low rate of an adjustable rate mortgage sticks only for the first few years of the mortgage. After this point, the rate adjusts each year based on market trends.
Instead of paying the adjusted rate, which is almost always higher, homeowners can refinance into a new fixed rate mortgage to lock in one of today’s low fixed rates for the duration of the mortgage.
Cash Out To Consolidate Debt
Homeowners carrying high-interest debt, like credit cards and personal loans, can often benefit from consolidating it into their mortgage. As long as they maintain at least 20 percent equity in their home, they can get a cash-out refinance for an amount higher than their current mortgage balance.
They can then use the difference to pay off high-interest debt. For more information about refinancing your mortgage feel free to call Mark Taylor and his team at 602.361.0707 or email Mark directly at mark@awesomerates.com
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Maybe You Should Consider Refinancing Your Mortgage
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