With the market sustaining a healthy 10-20% increase in home values from 2016 until now, it opens up some unique doors for homeowners who bought in the 2014-2016 market.  If you were lucky enough to buy then you have a house and mortgage rate secured before the inevitable rise.

This puts you in a good situation for refinancing, most people think refinancing is dead because of the recent rise in home values and rates over the last two years;  I  disagree.  With the Federal reserve maintaining their price of money, rates have plateaued at a very modest level. (You can sign up for weekly rates here) we now see homes that were purchased in 2016 and before, having increased in value by up to 25% in some cases.  Which opens up the door for eliminating mortgage insurance

Some people wonder what mortgage insurance is, so I have an article to explain that here.

Why Consider a Refinance?

Simply put it saves you money, it never hurts to talk with a qualified professional about your options, if the numbers don’t work out you obviously don’t have to refinance.

Benefits of Refinancing:

Aside from saving money, you can access the equitable cash  in your home for remodeling or other purposes.  If you’re more concerned about paying the mortgage off faster, you are able to refinance into a shorter term loan, these loans come with lower interest rates typically.

Another key benefit in refinancing is to change from an FHA to a Conventional mortgage.  Maybe you started your home purchase with an FHA mortgage because the down payment requirement was lower, or it gave you a better monthly payment; but now you’re several years into your mortgage and your credit has improved drastically.  A conventional mortgage can eliminate mortgage insurance and save you money over the long run.

 Conclusion

If you’re interested in saving money or paying your mortgage of faster, consider a refinance.  If you do consider a refinance talk to a qualified professional loan officer that can go through all options with you.  I have access to over a dozen investors that offer different loan programs ranging from construction loans to investments.  Please feel free to contact me any time at the information below or through my website.

 

 

What Can I Do Now?

You can Sign up for mortgage rates here

Read the About me section and learn more about how I conduct business

reviews are a great way to see who you are dealing with

if all that checks out you can apply here

Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

       Executive Mortgage

      NMLS 271650

 909 . E Walnut Street

Green Bay WI 54301