Industry News

Should I Refinance My Mortgage Today?

March 3, 2020

There are few purchases in life where an opportunity later presents itself and allows for the purchaser to save money, however, a mortgage is one of those purchases, and the savings are passed on through savvy refinancing.

Did you know that now is an excellent time to look at refinancing your mortgage? While there are many external forces that impact mortgage rates, the majority are impacting rates in a way that’s advantageous for homeowners.

Right now, we’re seeing historically low rates and that means now is the perfect time to lock in on a refinanced mortgage, save money and set yourself up for future financial success.

How do I know if refinancing is a good fit for me?

The best way to determine if refinancing is the best choice for you is to contact a Ross Mortgage loan officer and request a mortgage check-up. At Ross Mortgage, we treat each loan as if it were our own and work closely with our clients to help them put together a plan that aligns with their financial goals. By taking a look at your current mortgage loan and asking you a few simple questions about your financial goals, we will be able to help you determine whether you’re ready and able to take advantage of low mortgage rates.

Also, if you currently have private mortgage insurance (PMI) and have enough equity in your loan to drop PMI, it’s definitely time to refinance. We also refinance mortgages for a lot of our customers who have recently become empty nesters, looking to go from a 30-year term to a 20 or 15-year term.

What type of loan do you have?

Over the past several years, low interest rates have made adjustable-rate mortgages an appealing option for many homeowners. However, with higher rates likely on the horizon, homeowners with adjustable-rate mortgages can expect their interest rate to rise—along with their monthly mortgage payment.

If you have an adjustable-rate mortgage, it might be a smart move to anticipate the impending increase in interest rates and refinance into a more stable fixed-rate mortgage loan. Not only will this buffer you from the potential increase in interest rates, you’ll be locking in today’s historic low rates for the life of your loan.

Are there fees associated with refinancing?

Yes, there is a price to pay when refinancing. Many companies advertise “no closing costs” mortgages, but will hide the costs into the refinance. You typically have to pay some of the same fees associated with your first mortgage, like credit report, closing and appraisal fees.

Looking for more information on whether or not you should consider refinancing right now? Contact us now and one of our expert loan officers will be there to answer all of your questions and ensure your financial needs are taken care of!