If you’re like most people there’s probably a good chance that you are trying to save money anywhere you can.
Lucky for you, now may be a great time to possibly save money on your monthly mortgage payment!
If you bought your home more than a few years ago and have yet to refinance, chances are current interest rates may be lower now than when you first took out your loan. A lower interest rate could equal more money in your pocket and less money spent on your mortgage; it’s a win-win situation.
Are you wondering how to take advantage of this great timing and a lower interest rate? Check out these three strategies below that are geared towards refinancing and to help you start possibly saving
1. Lower Your Interest Rate
If you are looking to lower your monthly mortgage payments, refinancing your mortgage at the same terms as your current mortgage, but at a lower interest rate – is one solution
2. Switch to a 15-Year Mortgage Term
If you can afford a larger monthly payment, refinancing from a 30-year to a 15-year loan could help you own your home sooner and could save you big in interest. You will want to keep in mind that the interest rate on a 15-year mortgage vs. a 30-year mortgage is generally lower. So, depending on your current interest rate and the interest rate available on a 15-year loan, that monthly payment may not be as high as you’d think.
3. Lock Your Interest Rate
Homeowners with adjustable-rate mortgage loan are looking at low fixed mortgage rates and wondering if they should get off the fence and refinance. There are several factors that might go into whether or not you should refinance to a fixed rate mortgage including your current rate and how long you plan to stay in the home.
It’s time to get off the fence! If you are looking to taking advantage of this great time to refinance, give me a call and I’d be happy to help.
Loan approval is subject to applicant’s qualification for a loan program. On Q Financial, Inc. does not guarantee that each applicant will receive a loan. Interest rates, property taxes, and homeowners insurance are subject to change without notice. Please contact your On Q Financial, Inc. Mortgage Consultant for more information on this program and your eligibility for such products. 068i0000001uz1J