As you may have heard, interest rates are at record LOWS, so if you’ve been considering refinancing your mortgage, you arent’ alone!
Here are a few signs that it may be a good idea to talk to a lender about refinancing:
✔️ You can lower your rate by 1/2% or more
✔️ You are thinking about doing some major renovations and you have equity in your home that you can pull from
✔️ You want to shorten your mortgage term (to pay your home off faster)
✔️ Your value has increased enough to prove you have enough equity to get rid of mortgage insurance
✔️ You want to switch from an FHA loan to a Conventional loan
✔️ You have no plans to move in the next 5 years
If you are considering refinancing, It’s important to evaluate your estimated closing costs and calculate your break-even point (this is where your savings from a lower interest rate exceeds your closing costs).
Refinancing is a smart move for lots of homeowners these days, and it could be for you, too! Don’t know where to start? Let’s chat – I’d be happy to recommend a few lenders to help you get the ball rolling!