best times to refinance your mortgage
TRANSCRIPT
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BEST TIMES TO REFINANCE YOUR MORTGAGE
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Is It Time To Refinance Your Mortgage?
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There are a number of reasons to consider refinancing your mortgage.
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If you are eligible for a VA Loan, or even if you currently have one, there may be no better time than the present to investigate refinancing options.
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LOW INTEREST RATES
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While interest rates are currently at historical lows, the widely held consensus is that the Federal Reserve Board will begin slow, modest periodic rate hikes in the immediate future.
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It is a great time to lock in at the current rate before that acceleration begins. Check the existing rate of interest on your mortgage.
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It is possible that refinancing now may decrease the interest rate associated with your mortgage. Lowering the interest rate can have dramatic results.
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Generally it will decrease the dollar amount of monthly mortgage payments, while also decreasing the overall amount you will pay out during the life of the loan.
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Veterans who are eligible for a VA Loan may enjoy some extra perks during refinance.
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Closing costs such as a down payment, or fees associated with your refinance, may be lower than those paid on traditional loans.
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Your VA specialist will calculate these types of potential costs for you.
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FRINGE BENEFITS OF LOW INTEREST RATE REFINANCING
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One of the often overlooked benefits of refinancing during periods where fixed rate loans are tied into low interest loans is the ability to reduce the term of the mortgage.
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A mortgage loan term is simply the number of years a loan is financed for. A fixed rate loan is a loan whose interest rate is locked in and will never be subject to increase.
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It is common to finance a home for periods up to 30 years. Many home owners choose the longest term possible in order to decrease the amount of the monthly payment.
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While this is a good option, it is also an option that causes the amount of money paid back throughout the years to be considerably higher than what would be repaid on a shorter term loan.
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With interest rates at rock bottom, there may never be a better opportunity to refinance for a shorter term loan.
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Because rates are so low, you might be pleasantly surprised at how reasonable monthly payments are on a shorter term mortgage.
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The amount of savings on short-term financing can be substantial. Shift those savings over to your retirement fund and create a win-win for the family’s future.
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FIXED VS. VARIABLE
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In the past it was fairly common to get creative with mortgage financing by tying loans into a variable rate.
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Variable rate loan payments fluctuate over time, often increase in a dramatic fashion, and can increase when the Federal funds prime rate rises.
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For those with a variable or adjustable rate mortgage, there is no better time than the present to refinance and get locked into a low interest fixed rate mortgage.
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Savings on a fixed rate mortgage, particularly at the current low rate, will add up nicely over time.
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If you are uncertain about whether or not refinancing is the best option for you, take time to sit down with your VA specialist and discuss your unique situation.
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In just a matter of a few minutes you can determine if refinancing is the best financial move for your family’s fiscal health.
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com
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VA Loans for Vets7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]
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