Did you purchase a home in Hawaii in 2018? If so, there is a strong chance that you could save money if you were to refinance.
According to new data from Black Knight, 80 percent of loans that originated last year came with an interest rate that was, at a minimum, .75 percent more than where today’s rates are at. Additionally, the data shows that anyone who obtained their mortgage before 2004 could chip around 1.75 percent off of their rate by refinancing.
Combine this with recent news from Freddie Mac that low rates could continue into 2020; the amount of equity that homeowners across the country have built up is at a record high, according to Black Knight; and data from Black Knight that indicates millions of Americans could currently be saving monthly by refinancing, and it may mean that refinancing might be the right move for you.
Refinancing may be a good way for you to generate additional cash flow on a monthly basis. That is because it may allow you to consolidate debt, lower your monthly payment or pull cash out via equity you have built up in your home. Additionally, you may be able to lock in the current rates, which would help to prevent your rate from increasing in the future.
Resetting your mortgage terms could open doors you may not know existed.
Your financial goals are important to us at Element Mortgage. We would be honored to help you try to refinance and will strive to come up with a package that aligns with your goals. If you have any questions about the refinance process, we can sit down with you and deliver any information necessary to help you make an informed decision.
Contact us today to get started.