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Freddie Mac’s total mortgage portfolio increased by more than 15 percent, thanks in large part to consumers taking out more home refinance loans, according to Mortgage News Daily.

The government-sponsored enterprise has a balance of $2.33 trillion, representing a growth rate of nearly 7 percent for all of 2019. The volume for refinances for single-family homes stood at $30.5 billion in December of last year, up from $26.8 billion the month before. That was a 59 percent increase from the month prior.

Freddie Mac was also pleased to experience overall positive growth to close out the year, after falling a bit behind in the fourth quarter of 2019.

As more homeowners turn to refinancing as a tool to get ahead, here are some things to consider if you want to do the same.

One reason why people decide to refinance a home is simple: It can lower mortgage payments and even speed up the time it takes to make a full loan repayment. In a nutshell, refinancing means you can swap your current loan for one with more favorable terms, including a lower interest rate.

A refinance makes it possible to purchase points to lower the rate. For an upfront fee, homeowners can enjoy a lower rate, which means a smaller monthly payment.

Depending on how long you plan to keep the home, the savings from a refinance can really add up. Keep in mind, however, that there are fees associated with a new loan.

If you’re thinking about refinancing your home in the Seattle/Renton/Tacoma areas, our team of experienced loan officers can help provide information to plan your future.

This exciting opportunity can certainly pave the way for extended savings in the short and long term.

Contact us today to learn more.

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