Now is the Time to Refinance

Refinances fell 2 percent from the previous week but were up 34% from a year ago. With the low interest rates, more people should be refinancing, as many who took out a loan 10, 15, and 20 years ago are most likely paying more than they should. Further, with rates so low, homeowners should take advantage of refinancing to a 15-year mortgage. Monday we talked to a gentleman who is about halfway into his 30-year loan. We can set him up on a plan with a much lower interest rate that could save him thousands. And we mean thousands! He could pay for his daughter’s wedding or a couple years of his son’s tuition at a good university. His monthly payment of $1,100 might go up to $1,200 but he’d save close to $46,000. That’s INSANE. Refinance volumes might be falling but up from last year, but they should be skyrocketing with people taking advantage of the market right now.