Is it time for you to refinance your mortgage?

Have you been thinking about refinancing? Millions of Americans are saving money by refinancing their homes at today’s historically low mortgage rates. Think refinancing is too complex, costly and/or time consuming? Not sure if you would even benefit by refinancing your home loan? Let’s talk.

Rather than assume that refinancing doesn’t make sense for you — or that you’re not eligible to refinance — give us a call at (360) 450-5482. Home loan rates remain near historic lows and we can crunch some numbers for you to see if you would benefit. Many homeowners today stand to save a significant amount of money and/or accomplish other important financial goals by refinancing their mortgages.

Perhaps when you bought your home, you took out an adjustable-rate mortgage. But you plan on staying in your home over the long term and want the predictability of a fixed-rate home loan. Maybe you have a 30-year loan and want one with a shorter term. Or maybe you want to tap your home’s equity. Those are key reasons for many to discuss the idea of refinancing.

In some cases, mortgage insurance is a factor in the refinancing decision. Generally, private mortgage insurance is required with a down payment of less than 20 percent. In some cases, though, if you have increased your home equity past the 20 percent mark, refinancing can help you stop paying monthly mortgage insurance. It all depends on your home value as determined by an appraisal and your outstanding mortgage balance. For some homeowners, refinancing at today’s low mortgage rates can lower their monthly mortgage payment and help them pay less in financing costs over the type of the loan.

Every homeowner’s situation is unique. We can help you review your financial situation, current mortgage terms and your financial goals. How long you plan on staying in the home matters, too. Are you a candidate for refinancing? It definitely pays to find out. Give us a call today! (360) 450-5482