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  • Writer's pictureRebecca Richardson - Mortgage Consultant

When Should You Refinance

if you own your home and you've been considering the refinance, there are three main people that refinancing can make excellent sense for.

One group are people who have because the market appreciation, and through paying down their balance might have 20% equity in their home. By refinancing, you can drop any mortgage insurance that you have. Not only potentially get a lower interest rate, but also by dropping that mortgage insurance has a lot of good monthly savings that you can either choose to put back into the mortgage by helping to pay down the balance faster or maybe putting it to other things or other financial goals that you have.

The second group would be anybody who has an adjustable rate mortgage. Perhaps you got an adjustable rate mortgage thinking that you would be in your home for the short term, or to make the payment more affordable. Now you love where you live. You know, you want to stay there longer, it's a great time to lock into a low fixed rate, and just have that payment fixed. You don't have to worry about any future fluctuations.

The last group would be anybody who again because through great market appreciation, wants to maybe take some cash out for home improvements, pay off other debts, other financial goals, it can be a really, really great time to tap into the gifts that the markets have given us through all the market appreciation that we've had, and make sure that your house is working for your financial goals and your mortgages as efficient as possible. So even if you've bought in the last one year, two years, it still may be beneficial to refinance.

I would love to answer any questions that you have. There's no obligation. You don't have to pull credit to at least just have an initial conversation and run some numbers for you and see if it makes sense. If you need anything, I'm here for you.

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