While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?When COVID-related shutdowns began in March, real estate brokers and
Consider This: When to Refinance
Dated: August 11 2020
Views: 170
Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
- Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
- Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
- Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
- Switching from an adjustable-rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.
- Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.
Rates are at an all-time low! We have lenders that our clients love and we would be happy to share their contact information with you. Let us know if we can help!
Kim & Andy Muldrow
Experience has taught us that everyone has a story and communication is key! Whether you're buying your first home or selling your third, you can feel assured that we will help you make well informed ....
Latest Blog Posts
We’ve all spent a lot more time at home over the past year. And for many of us, our homes have become our office, our classroom, our gym—and most importantly, our safe haven during times
When you’re getting ready to list your home, it’s of the utmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its
Refinancing your home involves several steps, but the property appraisal may be the most crucial.When a real estate appraiser provides an opinion on the value of your house, it can make —
The information being provided by Houston Association of REALTORS, Inc. is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Houston Association of REALTORS, Inc. This web site may reference real estate listing(s) held by a brokerage firm other
© 2021 Bryan College Station Regional Association of Realtors. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocitysm Program. Real estate listings held by brokerage firms other than Abby Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised
Information provided Courtesy of San Antonio Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed. Provided courtesy of the San Antonio Board of Realtors. Copyright 2021 San Antonio Board of Realtors, All Rights Reserved. Data last updated April 15, 2021 5:50 PM UTC
