Refinancing Myths Uncovered

Dated: January 6 2018

Views: 1635

“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. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?

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.


For a FREE - No Obligation Consultation Contact Alana Stephens at 305-928-5478 or alanatherealtor@gmail.com

Want to Advertise on this Site?

Latest Blog Posts

9 Ways To Celebrate Halloween Amid COVID

9 Ways to Celebrate Halloween Amid COVIDI’ve been seeing some great ideas on the internet for ways to celebrate Halloween this year. Some of them are for safe trick or treating, while others are

Read More

Top First Time Home Buyer FAQs Answered

Top First Time Home Buyer FAQ’s AnsweredMortgage-RelatedHow do I know if it’s time to buy instead of rent?If you know where you want to live, have a steady and secure income, and are ready for

Read More

Home Prices Rise Despite Global Pandemic

https://www.bestrealestateblog.com/why-home-prices-are-still-rising-despite-the-global-pandemic?m

Read More