4 ways you could benefit from this summer’s low rates
In case you haven’t kept up with the news, mortgage interest rates are still at historic lows.
Homeowners everywhere are taking advantage of low rates and refinancing their mortgages for more financial flexibility.
If you haven’t refinanced your mortgage over the past 12 months, we should schedule a mortgage review to discuss what a refi could do for you, like:
1. Lower your monthly payments or interest rate options.*
The most commonly used benefit of refinancing is dropping their monthly payment or interest rate. If you’re saving up for something big, this might help you with your budget. Plus, the availability of new loan products could provide you with more practical finance options.
2. Pay off your mortgage, so you can own your home faster.
A refinance could mean shorter-term limits and could save you on interest over the life of the loan.
3. Potentially eliminate mortgage insurance.
Most people don’t know this, but an increase in your loan-to-value may allow for private mortgage insurance to be dropped.
4. Use funds from a cash-out refi.
The equity you’ve built could put money in your pocket with a cash out refinance. Do you have any summer projects around the house that you’ve been wanting to do? Maybe it’s time to start planning your next family vacation.
There are many ways that you can take advantage of this summer’s low rates. Talk with your home financing expert to explore how these benefits could work with your financial goals.
*Savings, if any, vary based on consumer’s credit profile, interest rate availability, and other factors.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information. Contact Guaranteed Rate Affinity for current rates. Restrictions apply.