My Top 3 Reasons For You To Refi NOW!
OK everyone, for whatever reason you talked yourself into not acting on lowering your interest rate when rates were REALLY LOW, now may be your last chance as interest rates are expected to rise this December. Yeah, I know, you have heard this before and rates actually did NOT rise due to national and global market forces. However as you are aware, nothing stays the same! If you need a little push to make the move to save yourself some money, well pay attention to my top 3 reasons on why you should refinance NOW!
Reason Number 1: Lower Your Interest Rate! Rates actually dropped this year at one point with Brexit, Turkey’s tumultuous issues and the lingering Greek economic issues negatively effecting global markets. Those of us who paid attention to the markets and finally got up off the coach to take advantage of the lower rates was able to lock in their mortgage savings with new lower rates. This allowed them to reduce their monthly payment, reduce their overall interest payments and maybe even eliminate their PMI if lucky.
Reason Number 2: Decrease your Term! The shorter the term the less money that you pay in interest. Don’t believe me, well just break out your Amortization calculator and see for yourself. For example, a mortgage of $200,000.00 over 30 years at 4.0% interest will, over the life of the loan, cost you (approximately) $345,000. Cutting your term in half (to only 15 years) will reduce your overall payout to only $265,000.00 (approximately). That is a savings of over $80,000.00. That’s a lot of savings and just consider that the shorter the term the better rate that you will receive, so your savings will be even greater than in my example.
Reason Number 3: You can move from an Adjustable Rate Mortgage to a Fixed Rate Mortgage. If you were unlucky enough to have held on to an adjusted rate mortgage (ARM), well now may be your last chance to make the change to a fixed rate mortgage. The upside of refinancing to a fixed rate mortgage is that you will eliminate the uncertainty of a rate change plus you will gain the advantage of today’s very low rates. Knowing that your monthly financial outlay won’t change from month-to-month reduces your stress levels! It is my job to make your home the least of your stressors.
If any of these reasons are good enough for you to FINALLY make a change, please give me a call, Brian @ 832.767.9375 and let’s get the ball rolling before it’s too late. Your money is always better in your pocket rather than in the Lenders pocket!