REFINANCING MYTHS

Dated: December 29 2020

Views: 124

“Refinancing” is a scary word for many people, but that shouldn’t 

be the case for you. For many homeowners, refinancing can not only 

lower your monthly payments and help with your monthly budget, but 

it can save you thousands of dollars in the long run.

YOU’RE NOT TOO LATE.

For years now, we’ve been hearing that interest rates will be on the rise, 

and although there have been some small increases, you’re still in a great 

position to drastically lower your interest rate. The general rule is if your 

mortgage interest rate is more than one percent above the Current market rate, 

you should consider refinancing.

IT’S NOT TOO TIME CONSUMING.

Don’t brush off refinancing just because it seems like a long and 

daunting process. An informational call with a lender to see how rates 

compare will only take a few minutes. There are also some programs 

for streamlining the application process. And besides, isn’t the amount 

of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO.

Seeing your Adjustable Rate Mortgage (ARM) increase after 

the introductory period can be incredibly stressful and place a 

squeeze on your budget. Many people assume they’re stuck, but ARMs 

can be refinanced, just like fixed-rate mortgages. You can even switch to 

a shorter term fixed-rate mortgage, such as 15 or 23 years. 

The longer you’re planning to stay in the home, the more sense

it makes to look into refinancing.

Blog author image

Alicia Nelson

My name is Alicia, and I am a Real Estate Agent in the Ruskin, FL area. What I am most, is someone who loves cultivating friendships, and helping others, both in business and in life. I come from a....

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