Top 5 Reasons to Refinance Now
1. Interest Rates Are Still Low
This time of year interest rates are traditionally low, however; we typically begin to see them rise once "busy season" arrives. In the world of real estate and real estate finance late spring and summer are officially our busy season. Although, those of you living in Denver know that we've kind of stayed in "busy season" all year!
2. Skip One or Potentially Two Mortgage Payments
Depending on when you begin the refinance process, you could skip up to two mortgage payments but typically most who refinance skip just one payment. This frees up some cash for paying off bills and freeing up a bit of cash flow.
3. Get Cash Out For Renovations
With Denver area home values the highest they've been in years, you could qualify for a cash-out refinance and use the cash to make improvements around your home. With the incredible spring weather we've had lately, a lot of my clients are eager to get started on new home improvement projects.
4. Shorten Your Mortgage Term
With interest rates so low, you could shorten the term of your mortgage and go from a 30-year term to a 15-year term without a significant change in your monthly payment. Definitely contact me on this one. We want to look at how long you plan on staying in your home, and your financial goals before moving forward with this option.
5. Lower monthly payment
Along with the holidays comes the end of the year and a lot of families are sitting down and looking at their expenses, and trying to plan for the year ahead. Why not free up some of your monthly income for other expenses or saving?