You’ve heard the buzz. Everyone says it’s a great time to consider a mortgage refinance. But why? Here are the top 5 reasons to refinance in 2018.
1- World-Class Mortgage Rates
Yep, they are still available. Don’t worry; if you missed your chance to refinance last year, rates are still hovering in the 4% range. Lowering your rate by just 1% can put ten percent of your mortgage payment back in your pocket each month. With the size of loans these days, that’s a substantial amount of cash.
2-HARP (Home Affordable Refinance Program)
This government-sponsored program allows eligible homeowners to refinance even if they have little to no equity. Sounds pretty good, right? Well, it is also in its last year and volume is at an all-time low. If you got your mortgage loan at a bank, credit union or mortgage company, Fannie Mae or Freddie Mac might own it. If so, you could qualify for HARP refinancing, and you could save thousands with a lower rate or other more favorable terms.
3- It’s Easier Now
The refinance process is not as stressful as you might think. It shouldn’t surprise you that the mortgages of 2008 are nothing like the mortgages of 2018. Getting approval is easier and faster than back in the day. With the help of YouTube and the plethora of information available out there, you’re not alone, and you’re not shooting in the dark. Shopping around for the mortgage that’s right for you is more straightforward than ever.
4- Home Improvements
It seems everyone wants to spruce up their home in some way. Refinancing your mortgage is a super way to get your hands on some cash to do just that. Do you want a new roof, new porch or modern home décor? Well, now you can afford it when you refinance.
5- There is No Time Like the Present
There is no guarantee that mortgage rates will stay this low, especially with the turbulence of the housing market these days. Every day that passes is another missed opportunity to lock in a low rate.
The bottom line is that low mortgage rates and lower monthly payments help secure a better financial future for you and your family. Why not explore your options today and see what refinancing your home could do for you.