When interest rates are as low as they are and home values continue to rise, buyers come around to purchasing a home. When buyers flock to the market, it feeds the value of your home. Because inventory is tight right now, your home’s value is rising steadily as buyers rush headfirst into the market. The higher your home’s value, the better time to refinance, as you build equity with your home value’s increase. Rising home values are a great time to refinance.
When you have a high appraisal and low mortgage balance, you will have even more options to save. If you have more than 20% equity, you can get away from PMI. If you have credit card or high interest debt, you can roll it into your mortgage and save money on your interest rate. You can also use a rate and term refinance to shorten the term of your loan and own your home faster. A Cash Out Refinance can put money in your pocket for home improvements or other bills.
However you want to refinance, it’s a great time to jump on the low rates we are getting for people. Mortgage Professionals at Wallick & Volk can save borrowers hundreds of dollars per month. Imagine putting a few hundred bucks back in your pocket monthly to spend on a new car, send your kid to college, take a vacation, or just start saving for a rainy day. If you aren’t refinancing to today’s low rates, you are throwing money away, and every month grows closer to these rates rising. Don’t miss your chance.
If you are ready to take rising home values and low interest rates and use them to your advantage, contact a Wallick & Volk Loan Originator in your area. www.wvmb.com