Mortgage rates are at or they are approaching historic record lows and you could save a ton of money by taking the time to research and then refinance your mortgage. There are currently millions of homeowners out there paying too much on their mortgages because they simply will not take the time to research their current situation. Many believe it is too much work or they will be denied, or they might have to pay a fortune in points or closing costs to get these incredible rates. These are all excuses, and with a little information you could be on your way to saving tens of thousands of dollars over the coarse of the entire loan. Take some tips from this Charleston Real Estate professional from Premier One:
Should I Take the Time to Refinance?
Many people just will not invest the time to refinance their mortgage because they don’t have time or don’t think they can save any money. Perhaps they experienced such difficulties in getting the original mortgage that they simply do not want to go through all that aggravation once again. Or maybe many people just don’t want to face some shady mortgage company or broker. These reasons are likely endless, but many homeowners don’t realize making a change could save them incredible amounts of money long-term.
Record Low Mortgage Rates
With mortgage rates at historic levels, it can be your one chance to really make a significant impact in your finances. If you didn’t pay 20% down on your loan, you are most likely paying PMI insurance each month to protect the loan for the lender. Now if you can refinance, you might have enough equity in restructuring the loan to get you over that 20% mark, and then you can eliminate making that additional payment each month. But a lot of us still don’t take the time, and instead proceed making inflated monthly mortgage payments that could be avoided.
Is Refinancing Right for You
It doesn’t make sense for everyone to refinance. Like anything else on earth, depending on your unique financial situation and future plans, it might or might not be a good fit for you. Although it’s much more difficult to get approved for a refinance, so it’s certainly worth taking the time to see if you qualify and how much money you can save over the length of the loan. You should at least look into refinancing your mortgage, after all, there are few actions in life that can save so much cash so easily for you.