Interest rates are lower today than they have been in the previous decade, and there is no time like the present to refinance your home mortgage loan. Chances are, if you have not refinanced in the past few years, your interest rate is hovering around 5% or more. That means that you could potentially be saving hundreds of dollars a month on your mortgage payment with the right home loan!
Refinancing could be key for paying down debt and saving money. But what are the best reasons to refinance? Use this checklist to see if you are a good candidate.
- Have you refinanced in the past three years? (If not, there really is no time like now!)
- Do you have an ARM on your loan? (When inflation rises, where will this leave your interest rates?)
- Is your interest rate currently 5% or more?
- Are there large financial goals like paying down debt or buying a second home that could be easily obtained by refinancing your current home?
- Would you like a lower monthly house payment?
Many people put off refinancing because they don’t want to deal with the hassle of paperwork, but at Fairway Independent Mortgage, we make the process easy for you. Once you send in the forms we need, we stay in constant communication with you, get you fast answers, and close your refinance quickly. Call me today!Tags: Homebuying