DISPELLING REFINANCING MYTHS

Dated: 03/26/2018

Views: 29

Image title

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.

Image title

YOU’RE NOT TOO LATE.

For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

IT’S NOT TOO TIME CONSUMING.

Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO.

Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.


Blog credits: http://www.breakthroughbroker.com/dispelling_refinancing_myths#.WrkBK4hubIU

Blog author image

Ann Nguyen CalBRE 00998262

When reading REALTOR® Ann Nguyen's many testimonials, one message becomes abundantly clear. She genuinely cares for each and every one of her clients. As a result, her service always exceeds their ex....

Latest Blog Posts

11483 Chamonix Rd Truckee CA 96161 | Tahoe Donner Acreage for Sale

The perfect location for your custom-built mountain retreat.Who doesn’t dream of finding the perfect property to build a resort home for weekend getaways and a break from the busy workweek?

Read More

4 THINGS TO LOOK FOR WHEN BUYING A FIXER UPPER

Buying a fixer-upper can be a fantastic investment. Fixer-uppers tend to be much more affordable than houses that aren’t in need of many renovations or repairs. And the money you save should

Read More

7 WAYS TO AVOID BUYING A PROPERTY LEMON

A property with structural flaws, electrical defects and a cracked foundation are every homebuyer’s nightmare — not to mention a money pit. But that’s not all that can go wrong

Read More

End June and Start July in Truckee!

26th of June 2018Summer Music Series at High Camp Event Description:On select Tuesdays and Fridays this summer, join us for live music poolside at High Camp! Soak up the California sun at,

Read More