Has refinancing been in the back of your mind? Well, it might be time to begin to seriously consider it.
That is because a new report is stating that some 8.2 million home owners could refinance and subsequently obtain a lower interest rate. Specifically, as reported by CNBC, the typical loan holder could be saving more than $260 per month, which equates to a whopping $2.2 trillion if you take into account all of borrowers in the U.S.
Remember, you don’t have to own your home for a long period of time in order to refinance. If you are a home owner in the Roseville area and are looking to refinance in the coming months, keep in mind that refinancing can be a good way to boost your monthly funds. That is because if interest rates are lower than what your current rate is set at, you may be able to refinance into the current market rate. If you are able to do this, then generally speaking, your monthly payment should decrease.
Additionally, you can also refinance to pull out money from the equity you have built up in your house. Equity is built up as you pay down your loan balance and your home’s value increases. You can borrow against that equity to pull out money to pay for things like home remodels, vacation, pay down debt, etc.
If you are a Roseville home owner and have been seeing the news about the number of people currently refinancing because of the market, make sure to speak with a mortgage consultant. At Element Mortgage, we will take the time to get to know you and your financial goals so that we can set you on a path forward.
Contact us today!