Do you have a high interest rate? Are you looking for a way to take cash out to pay for home renovations? It may be time for you to refinance.
If you've been waiting for rates to drop just a little more, or if you're just plain procrastinating, now is the time to get into gear and get that rate locked. Maybe you can even get a little extra cash to invest back into your home!
If you have financial goals you want to accomplish, you need to consider if it’s the right time to get a new loan. If you’ve been in your home for a significant amount of time, start to take a look at what you could be saving (especially if you currently have a high interest rate).
It's Time to Refinance
Even after the Federal Reserve began pushing up interest rates last year, mortgage rates have remained relatively steady and have taken another small dip the past month.
However, that trend will not continue as the Fed has indicated it will continue to raise interest rates later this year. Mortgage rates are likely to follow any new round of Fed interest rate increases, so now is the time to act before the next bump.
Locking in a rate on a fixed 30-year or even 15-year mortgage in the next couple of weeks will ensure you get your refinancing completed as soon as possible.
If you've made the decision to stay in your current home, you can still take advantage of rising home prices to get a little extra cash out of your house when refinancing. This is cash you can put back into the house by remodeling, or adding some of those features you might have been looking for in a new home. This reinvestment in your home will pay off down the road when you are ready to sell, as these types of improvements increase your sales price.
Is now a good time for you to refinance?