Since the start of the pandemic, we have seen mortgage rates drop. This has enabled many homeowners to save money by refinancing their mortgage at a (sometimes much) lower rate.
Rates have been great for a year now, but there is no way of knowing just how much longer they will stay this way – better to take advantage of savings while we still can!
Mortgage rates in 2019 were in the middle 3 percent range. By 2020 these rates have dropped to low 3’s and even in the 2’s, making mortgage refinancing attractive to a large number of borrowers.
Why refinance? Why take out a new home loan for the current one? Some reasons that you might refinance are to:
- Eliminate PMI, or private mortgage insurance (Values have increased quite a bit, so your loan to value may enable you to ditch your PMI)
- Get cash to improve your home or pay off high interest rate debts
- Move from an adjustable-rate to a fixed rate to lock in lower rates
- Get a lower interest rate
When should you Refinance Your Mortgage?
The team at DiVita Home Finance can advise you in a quick conversation whether it makes sense for you to look into refinancing your mortgage right now. And if now is not quite the right time, we can help you get things in order to refinance when the timing best fits your financial goals and circumstances.
Many mortgage watchers believe that interest rates will rise again soon. The Mortgage Bankers Association, for instance, expects rates to reach 3.6 percent by the end of 2021.
Don’t miss the window of opportunity, the window to save could close at anytime.
If you find yourself even just thinking about refinancing, give DiVita Home Finance a call. With access to 40+ banks and 20+ years of mortgage expertise, we can help you find the perfect loan to fit your unique financial situation.
Click here to start your pre-approval application now with DiVita Home Finance.
