Do Not Miss this New Refinance Opportunity

 In Refinancing your Mortgage

Mortgage interest rates have been on a wild ride lately.  When COVID-19 first emerged, rates went lower because investors pulled their money out of the stock market and used it to buy bonds, which lowered the yield (or interest rate) on those bonds.  Mortgage bond yields determine mortgage interest rates, so interest rates went down. Then suddenly, very large numbers of people decided to refinance their existing mortgages because rates were so low, which caused too much work for the mortgage lenders, and the only way to slow things down was to raise rates for refinances.  Next, the Federal Reserve started buying billions of dollars worth of mortgage bonds to drive rates lower and save the economy, and the backlog of work went away, and once again, refinance mortgage rates are very low.

So, what should you do about it?

Refinance

If you currently have a mortgage, and you haven’t refinanced recently, chances are very good that the current interest rates are lower (often much lower) than the interest rate you have now.  It would be a very wise decision to see how much you can save if you refinance into a lower rate mortgage or a shorter-term mortgage.  

We don’t need a full loan application to tell you how much you can save.  All we need is a little bit of information about your current mortgage, your current homeowner’s insurance policy, and a rough idea of what your credit score is.  We can then tell you how much you can save. It’s easy, it’s free, and it could be one of the best financial decisions you have ever made. Many of our refinance clients are saving more than $100,000 over the life of their loans.  That is a lot of money that will come in handy at retirement time.

Equity

This is also a great time to tap into the equity you have built up in your house.  Now is the time to get super-cheap money for home improvements, debt consolidation, or any other reason that’s important to you.

If you don’t currently have a house, but are looking to buy a house, now is the time to get pre-approved for a mortgage and get out there house hunting.  

Contact us today to get started.  You will be very glad you did.

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4-9-20 COVID-19 Mortgage UpdateRefinance and Control Your Financial Life