Great time to refinance your mortgage

Recently, a very successful and experienced mortgage loan officer we know said that rates are now “stupid low.” This is from someone who’s been doing what he’s been doing for a long time. He should know. Mortgage rates have been at historical lows for a number of years now, allowing new buyers the opportunity to purchase more home for their money, and existing homeowners to refinance their loans. This has allowed homeowners to cut hundreds of dollars a month off their higher rate mortgages.

Well, here we go again! Just when you though rates couldn’t get any lower, the markets reacted to the Brexit vote overseas and you, the homeowner, could be a major beneficiary! Rates have moved to all-time lows and those looking to refinance or purchase a new home are responding quickly so they don’t miss out on this opportunity.

Even if you’ve refinanced previously, today’s rates could bring you savings that may enable you to lower your monthly payment or pay your home loan off more quickly. Home prices have also risen and those who have equity could consolidate costly consumer debts or even purchase their dream vacation home.

Most homeowners and prospective home purchasers understand that this is an opportunity of a lifetime. It’s as if there is a sale on money right now. If you are thinking of refinancing, purchasing a new home or consolidating debt, now is the time to act and there are a number of reputable, experienced lenders out there to choose from. We encourage you, though, to talk to at least three lenders and do your homework. Since different lenders have slightly different, and sometimes unique, rate programs and incentives, you should definitely make sure you understand what is available out there and which loan program benefits you the most for your specific circumstances and needs. Beware, though, of “too good to be true” rates you’re quoted on the phone. Many times these ridiculously low rates come with a lot of strings attached, which end up costing you more in the long run. It always pays to educate yourself about mortgage loans and to shop around.

If you would like referrals to some of our trusted mortgage lenders, feel free to contact us!

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