You’ve heard it all before: “If you’re going to refinance your home, do it now!” This has been true for a few years now as interest rates are near historic lows and have stayed there for quite some time. However, the 2016 election has changed the market, so time is running out for you to maximize your opportunity for a worthwhile refinance.

Many people wonder if refinancing will benefit them and their mortgage, so here are a few of the best reasons to refinance. If you find your goals are aligned with any of the following, now is the time to give a loan officer a call and discuss your options.

Secure a Lower Interest Rate

Lowering your interest rate is by far one of the best reasons to consider refinancing. As of right now, if you have a rate of 4.5% or higher, you will benefit most from refinancing and taking advantage of these low interest rates.

Tapping into Home Equity

If you have a major expense to cover such as a kitchen remodel or paying for your child’s education, accessing your home equity may be justifiable. That being said, you will need to weigh your options carefully and speak with your loan officer first about this in-depth.

Consolidating Debt

If you have a lot of high-interest debt, consolidating your debt into a low-interest mortgage may help you pay off your debts much more quickly. Refinancing for this reason can allow for one lower monthly payment as opposed to several payments, which will often lead to you paying less overall.

Whether you are considering refinancing or ready to start your application, give us a call at 321-265-4000!