Did you know that mortgage interest rates are still very low? You could potentially save a small fortune by refinancing early at a lower interest rate. If you already have a low interest rate, there may never be a better time to extract some of your home equity. After all, rates may go up more in the next two years. Keep in mind that your home equity can be used to pay off high-interest debt, make home improvements, and achieve other goals. While there are benefits associated with refinancing early, there may be a few things that are holding you back.
Every time you apply for a new mortgage, you may have to pay the lender’s fees, an appraisal fee, and other related fees. These can be expensive, but you may be able to roll over most of them to the new loan. With this in mind, your out-of-pocket expenses could be much more affordable than you think.
Plans to move
If you plan to move soon, you may not want refinance. However, if your move is not imminent, it could still be beneficial to secure a lower mortgage payment for a few months. Perhaps the equity of a cash refinance it could help you move more comfortably with your relocation plans.
If you’ve never refinanced your home mortgage, you may not be sure what to expect from the process. How does it work? How much is it? What are the benefits? These are questions that you can clarify by speaking with a loan professional.
Our Mortgage Depot The loan team is available to help you explore the possibilities available to you. To learn more about refinancing and to request a quote for the terms you qualify for, contact our team today.
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