Mortgage Rates Are At Historic Lows. Time To Refinance Your Home?

By
Real Estate Agent with Coldwell Banker Realty

 

With Historically Low Interest Rates Is It Time To Refinance Your Home?

 

If you've been thinking about refinancing your home, you should know that mortgage rates are at historic lows. It's a great time to refinance. And while locking in a lower interest rate and lower monthly mortgage payments for years to come is a great reason to refinance, that is not necessarily the only reason to consider refinancing your Charlotte home now.

 

The infographic below outlines more reasons why a refinancing might be a good idea right now, which rates are so low, which include cashing out the equity in your home to consolidate higher cost debt, to fund a new business, to renovate your home, to remove/reduce private mortgage insurance cost, to convert to a fixed rate mortgage if yours is an adjustable mortgage.

 

Lots of reasons to refinance right now when interest rates are at historic lows. If you need a referral to top Charlotte area mortgage lenders to discuss your refi options, contact Nina Hollander/Carolinas Realty Partners with Coldwell Banker Realty. We can introduce you to some of the Charlotte region's best lenders.

 

 

 Reasons to Refinance Now: Infographic

Reasons to Refinance Your Home

 

 

 

How Much Equity Has Your Charlotte Area Home Gained?

 

If you're thinking about cashing-out and using your home equity for other purposes, the first step is to find out how much equity your home may have, I can provide you with a home equity analysis and tell you how much your home has gone up in value.

 

Nina Hollander/Coldwell Banker Can Tell You How Much Your Home Has Increased In Value

 

 

Instant Home Value For Your Charlotte Area Home

 

This information about all the reasons to refinance your Charlotte area home while interest rates area at historic lows is provided  by  Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.

 

 

If you're considering selling or purchasing a home in the Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:

 "The Right Broker Makes All The Difference."

 

 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (46)

Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

The refinance craze has really affected the appraisers, the ability to get a good appraisal right now is very limited in our area.

Happy Tuesday  Nina Hollander 

Oct 13, 2020 02:27 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS same here in my area, Paul. Last two listings I sold had a desk top appraisal for one and a drive by for another.

Oct 13, 2020 02:38 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Personally I am one who does not believe in refinancing unless you can show me on a spread sheet where I would have an advantage... our mortgage is a 20 year one that has been into six years... so there is only 14 years left If you could show me less payments and fewer years OK I will be a convert, and let's not forget the tax write off benefits:)) tell me where I am going wrong, Endre

Oct 13, 2020 08:36 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It’s not the right move for everybody but it has its benefits for quite a lot of people. Good info here!

Oct 13, 2020 09:40 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Endre Barath, Jr. I don’t really like that oh anything to anybody if I don’t have to, so I get where you’re coming from.

Oct 13, 2020 09:41 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Laura Cerrano  glad I am not the only one that thinks like that:))Endre

Oct 13, 2020 10:21 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. hi Endre... your analysis is perfectly correct for your situation. But it's not necessarily that for everyone. We refinanced last year and it reduced our monthly payment by $300/month which quickly made up for closing costs. For us the cash flow issue was more important than the tax write off.

Oct 14, 2020 04:00 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Laura Cerrano good morning, Laura... I have no issue with the fact that a refi is not for everyone... buying a home is not for everyone either despite the low interest rates and probably lower mortgage payments than rent payments. But that being said, this was simply a "call to action" for people to at least take a look at refinancing if they hadn't already analysed the pros and cons.

Oct 14, 2020 04:02 AM
Erik Hiss
Keller Williams Capital Partners Realty - Worthington, OH
You can trust me for all your real estate needs!

I just refied for 2.25% on  15 yr rate...unreal!

Oct 14, 2020 05:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Erik Hiss hi Erik... as someone who was negotiating corporate loans in the 1970's at around 20%, these rates are simply awesome!

Oct 14, 2020 06:03 AM
Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Mach1 Realty Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

We refinanced into a 2.75% 15 year mortgage in July and our payment barely changed.  Will allow us to pay it off much sooner. 10 years.  Heck if we had waited could have maybe gotten even lower!!  But we are happy!

Helped my sister-in-law refinance into a 15 year at 2.75%.  She rolled some credit card debt into the loan...and still shaved off 6 years and her payment went down over $100/month.  Plus she was able to eliminate 2 credit cards that had held her hostage for years with high interest rate...those are now closed.    

Thanks for sharing Nina Hollander 

Oct 14, 2020 06:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

And there you go, Mike McCann - Nebraska Farm Land Broker. Everyone benefits in a different way, but each way is important to the individual. 

Oct 14, 2020 06:15 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Great information! Thanks for making this post! :)

Oct 14, 2020 06:21 AM
Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Mach1 Realty Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

Yes Nina Hollander I Love My Sister-in-Law.  She has had two husbands and neither treated her well. In fact...both were terrible to her.

She wised up about 10 years ago but has had to go it alone these years with only 1 income. So as a single person with a mortgage...it is very easy and tempting to use credit cards...and that is what she did trying to get a part time business started.  It did not work out but the debt was still there. She paid on those for years at double digit interest.  

She is ecstatic that she finally has some "fun" spending money for the first time in a decade since it isn't going all to cc and mortgage. 

This is a gal who has driven hand me down cars since the day I met her over 35 years ago!! And yet her idea is to do some repairs around the house...and keep driving the handme down car.

Oct 14, 2020 06:25 AM
Brian DeYoung
also affiliated with Howard Hanna - Ithaca, NY
The Realtor with personal investment background

Fantastic well written post.

 

Oct 14, 2020 06:55 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian DeYoung thank you, Brian, for the lovely comment and also for taking time to pop by today. Wishing you a wonderful Wednesday.

Oct 14, 2020 06:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Mike McCann - Nebraska Farm Land Broker hi Mike... I suspect that your sister's story happens more often than we'd like to think. It's wonderful that she's turned the corner to a "freer" life. And it's wonderful that you're there to support her.

Oct 14, 2020 06:57 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joe Jackson thanks, Joe... for popping by and for taking time to leave me a comment. Trust all is well at your end of the world.

Oct 14, 2020 06:58 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Excellent points, Nina, and an informative infographic. I know a number of people who are refinancing. Those who are thinking about it need to realize that lenders are really busy with refits, and purchase loans as well. It could take some time.

Jeff

Oct 15, 2020 08:59 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeff Dowler, CRS hi Jeff... those refi's are taking a lot of time... mostly waiting for appraisals.

Oct 15, 2020 10:52 AM