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Do you own a home in the Seattle/Renton/Tacoma areas? If so, you may want to consider refinancing if you were to follow the trend across the rest of the U.S.

According to recent reports, mortgage applications this week were 40 percent higher than they were at this time last year. The reason? A lot of people are currently refinancing their mortgage. In fact, refinance applications are up 3 percent since last week and up a whopping 92 percent overall since last year.

As home values continue to increase the benefits of refinancing only become larger.

A refinance can be an ideal way to boost your cash flow on a monthly basis because it allows you to establish new mortgage terms. This can include extending the term of your loan or obtaining a lower interest rate. A refinance can also be utilized to consolidate debt or pull cash out from the equity you have built up to do things like home improvements or travel.

You could also consider refinancing to a fixed-rate mortgage if you plan to stay in your home for a long period of time. This helps ensure that your payment does not increase down the road.

Essentially, as a home owner, you have options to maximize your investment. Many are realizing this and that is why we are seeing an increase in refinances across the country.

If you have any questions about refinancing and would like to speak to a mortgage consultant about your options, don’t hesitate to contact us!

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