Mortgage Rates At Historic Low Levels
The average rate for a 30-year-fixed mortgage has dropped to the lowest levels since Freddie Mac began surveying rates in 1971. Now is a great time to purchase a new home or refinance your existing mortgage. You can save money every month for the life of the loan. Here are a few good reasons to refinance:
Reduce your interest rate
Securing a lower interest rate is one of the top reasons for refinancing. This adjustment can make a big difference in your monthly out-of-pocket costs for housing and save money on financing fees.
Remove private insurance
Many loan programs require private mortgage insurance, which is designed to protect the lending institution from loan default. By refinancing, you may be eligible to remove your private mortgage insurance.
Change your loan program
At some point, homeowners who have an adjustable-rate mortgage (ARM) usually find they would like to switch to the stability of a fixed-rate mortgage. Leaman Team can provide you loan comparisons to find out if you would save money with another type of loan program.
Credit score improved
Refinancing typically occurs when mortgage interest rates drop significantly, but borrowers with recently improved credit scores (from paying off credit card debt, making mortgage payments on time, etc.) are often candidates for better interest rates. If you haven’t checked your credit score in a while, it’s a good time to call Leaman Team: (512) 710-1400.
Fund home repairs
Refinancing can offer several options for funding home repairs. Contact Leaman Team for an estimate.
Considering a refinance? Leaman Team will keep you alerted to interest rate changes
Leaman Team continually monitors rates. For clients interested in refinancing, Leaman Team alerts them of interest rate changes so they are ready at the best time to lock in a new rate. Leaman Team reviews the terms of your existing mortgage program. It is important to consider whether or not you have a prepayment penalty written into your existing loan, and the purpose of the refinance. It is also important for us to know how long you plan to stay in the home. This helps Leaman Team determine whether or not it is beneficial for you to pay points upfront to secure a lower interest rate on your new financing.
Please contact Leaman Team today to discuss your home financing: (512) 710-1400 or email LeamanTeam@LoanPeople.com.