“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; it is not. An informational call with a lending professional like myself to see how rates compare will only take a few minutes. And besides, isn’t the amount of money you could save worth the time and effort?
REFINANCING IS NOT JUST ABOUT LOWER RATES
If you’re sitting with high credit card balances or other outstanding loans at high rates, a refinance can be the perfect answer for you. A refinance can consolidate all your debt and roll it all in together with your mortgage into one low fixed rate. You can even add extra cash for whatever you need. Unlike consumer debt, your mortgage can be tax deductible (ask your finance professional).
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.
CHECK IT OUT
If you think you might be a candidate for a refinance, give me a call. A few minutes on the phone or even a short exchange of emails, will allow me to do a quick analysis to help determine if a refinance is right for you.
Lester Bleich, New York State Licensed Mortgage Loan Originator 