This is a very easy question to answer. Maybe.
Every family has different needs. When it comes to your home and your mortgage loan, we take the conversation very seriously. The old myth that you need to save at least 1% to refinance is somewhat antiquated. Our approach to mortgage lending is that it is not a “one size fits all” mentality, but a very tailored process.
Much like going to your doctor for a check-up, a mortgage and financial “check-up” is a healthy and wise thing to do annually. We can enjoy a conversation discussing your desires, look at your current mortgage rate and terms, other debts at higher interest rates, home improvement projects you may be considering as well as big expenditures on the horizon. A minor decrease in mortgage interest rates may not initially seem significant, but this may save you tens of thousands of dollars in interest expenses and may improve your monthly cash flow. We may be able to find additional savings for you as well as discuss solutions for upcoming life events. This is our simple approach to giving you peace of mind with your largest asset, your home!
We experienced a very brief interest rate decrease last October for literally a few days. Our average client that took advantage of these interest rates enjoyed:
- A monthly savings of approximately $185 in payments!
- Had 1 month of NO mortgage payment!*
- Saved approximately $28,000 in interest over the term of the loan!
We are uncertain of when this next opportunity may arise. We want to be ready, so let’s talk today! Please reach out to your mortgage specialist to ensure you are on the best path possible! Please also be sure to follow us on Facebook for helpful homeownership info!
By refinancing an existing loan, total finance charges may be higher over the life of the loan. *During a refinance a client often gets the opportunity to skip a monthly payment the month of the refinance (because the mortgage will be paid off). More savings!