If you’re thinking about refinancing your house, these tips are worth reading.
The housing market crash has a definite silver lining. Because of it, we’re currently seeing some of the lowest rates in recent history! That’s not just good news for new buyers, either. If you currently have a mortgage, refinancing could help you lock in these low rates. And if you’re considering a refinance, these tips will help.
- Look at all of your options. When you’re refinancing, it might feel easier to stay with the same type of loan you have right now. But you could be losing money if you do! For example, if you’ve got a 30-year fixed rate mortgage right now but plan to move in the next few years, you should consider a 5/1 ARM. Why? The rate will be lower for the first five years, and you’ll be moving after that anyways!
- Treat it like your first mortgage application. Do you remember applying for your original mortgage? You were careful about your credit card usage and diligent about paying off debts. If you want to get the best rate this time around, you need to be equally careful with your financial standing.
- Actually pursue it. Most people know that refinancing could help them save money thanks to 2016’s low rates. The problem? They look into refinancing, get overwhelmed by the process, and don’t take any more steps. Don’t be like them or you’ll throw money down the drain! If you’re feeling intimidated by the process, contact a dedicated home loan specialist like me, Andraya Coulter.
If you’re considering refinancing your home in the Bay Area, elsewhere in California, or anywhere in Texas, I’m here for you. I can help guide you through the refinance process and make sure you get the home loan you deserve. Ready to start saving money on your home? Call me!