If you purchased your home over a year ago, have a mortgage with mortgage insurance, or are thinking about doing some home improvement, then you may want to consider a refinance. The reason to refinance doesn’t always have to be for a lower rate than you currently have – but because you are thinking big picture. This may also be a good time for a cash-out refinance to do home improvements or pay off debt.

If you are looking to lower your interest rate, even a slight drop in rates can produce significant savings over time. For a median home worth $220k, a half percentage point decline can save you an estimated $600 a year.

Most first time homebuyers purchased their homes within the last three to five years with an FHA or Conventional loan. With these loans comes a lower down payment, but they also come with private mortgage insurance. Even though they might have a low interest rate, you end up paying a lot more because of the mortgage insurance. Since there has been an increase in property values, mortgage insurance may be removable from your current loan. Contact me today to see if you are eligible to drop private mortgage insurance.