Include the factors of how tight the housing market currently is, and it’s nearly impossible to say how long these current historic rates will last. There’s no denying we are facing economic uncertainty in the midst of a recession and the pandemic. That alone can make it worth it for many people doing the math. This is when you can use your savings for the long-term benefit of a historically low rate, along with getting rid of the monthly mortgage insurance cost. Many homeowners, especially those who are young and starting out in home ownership, may not have had the means to put 20% down, but perhaps have built the savings to do so now. If a buyer previously put less than 20% down and is paying a high interest rate, along with monthly mortgage insurance, now can be a great time to refinance. Historically, those are great rates, but even the historically small shift we’ve seen downward could be enough to tip the scales. If they’ve bought within the last few years, they’re likely paying a mortgage with an interest rate in the 3% to 5% range.
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Using the current environment of mortgage rates can translate into steps to help you on your overall financial wellness if you just know how to structure and the right conversations to have with your financial advisor.įor new homeowners, the thought of refinancing their mortgage may not even cross their mind. Other opportunities include consolidating your debt into a new mortgage or taking cash out of the home for any current or future expenditures. Reducing your long-term costs of paying for your home is a step that could have massive implications in reaching your financial goals later in life. Want to keep paying the same amount or possibly even more but for a shorter amount of time? You can look at reducing the repayment term of the mortgage. While jumping into a new, low fixed-rate mortgage can reduce the monthly payments, there are other benefits homeowners can look for. Just the stress of not worrying about uncertainty in mortgage interest rates in the future can be a burden off your mind. For many homeowners, this offers the opportunity to jump into a fixed-rate mortgage from an adjustable-rate mortgage. Once the costs are determined, consider the benefits. Not only will they calculate your refinancing options, but your financial institution is there to advise you and to provide the perspective you’re looking for. If you question what that math looks like, don’t hesitate to reach out to a loan officer to figure it out. Other factors that you need to consider include the equity in the home, the type of refinance, property type, and credit score. Some lenders may allow no closing costs or low closing cost options.
~ Tilde is used to strikethrough text in comments.# Hashtag (Used to create or to reference another Issue).Below is a list of various non-alphabetic characters that are used in Markdown and their corresponding names.
Looking to make something bold? Add a header section? Or perhaps make a list of to-do items? Markdown helps you add these visual changes by using characters such as #, *, or _Īs an alternative to using the markdown editor, you can also format text using characters directly within the text. Mention Styling: This allows you to mention a user or team.Checkbox Styling: This allows you to add a checklist.Numbered list: This allows you to add a numbered list.Bulleted list: This allows you to add a bulleted list.Link Styling: This allows you to add a link.
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