One of the benefits that have come out of the pandemic and all the happenings in the real estate market are historically low interests rates on mortgages. Because of that, now may be a great time to refinance. The article below from Nerdwallet talks about some of the reasons people refinance and what you should consider to make sure it is the right time to refinance for you given your current situation. Enjoy the article and as always, please feel free to give me a call if you have any questions regarding your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 cell
indyhomepro@outlook.com
Source: Nerdwallet | Repost Houterloot 7/22/2021 -
With mortgage rates near rock bottom, it's a good time to refinance a mortgage, right? Sure, in many cases, no doubt.
As a matter of fact, 17% of U.S. homeowners with a mortgage on their primary residence refinanced in 2020, according to a September NerdWallet survey conducted online by The Harris Poll among 1,413 U.S. homeowners. And nearly one-third (31%) of homeowners with a mortgage on their primary residence said they were considering refinancing within the next 12 months, according to the survey.
To know if it’s the right time to refinance, first determine how long you plan to stay in your home, consider your financial goals and know your credit score. All of these things, along with current refinance interest rates, should play a role in your decision about whether — and when — to refinance.
When does it make sense to refinance?
The usual trigger for people to start thinking about a refinance is when they notice mortgage rates falling below their current loan rate. But there are other good reasons to refinance:
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