The summer housing market is heating up. Homes are selling quickly and even at higher prices due to low inventory driving multiple bidding situations. Cheap mortgage interest rates are helping to fuel the housing market. If you don’t plan on purchasing this season you may want to consider a refinance. You may qualify for a lower rate which could save you a significant sum of money per month.
If you haven’t yet refinanced your home, chances are rates are lower since your first purchased it. If you have been maintaining your credit score you may be able to qualify for an attractive rate. Review the interest rate you currently have and contact your loan officer to get a current rate quote to determine how much you could save per month.
Another reason to refinance could be to pay off your mortgage sooner by shortening the term of your mortgage. With rates this low you might be able to go from a 30 year loan to a 15 year loan without increasing your monthly payment.
If you plan on staying in your home for the long run a refinance is a sound financial decision. If you are open to moving it may not pay to refinance as you may not recoup the costs if you do decide to leave your home.
If you are still not sure if you are ready to refinance, contact your loan officer to help you make the right decision.