Summer is in the air! With a seasonal vacation on the horizon, it’s time to start thinking about saving up for those vacation expenses. According to HousingWire, a popular U.S. financial news source, simply refinancing your mortgage may be your perfect saving opportunity this year. Here are three reasons why.
- 1. Refinance to shorten your mortgage term: Shortening your term to a 15-year loan means savings, savings, savings! Not only are 15-year rates typically lower than 30-year rates, but they also accumulate far less interest over the shorter term.
- 2. Refinance to switch from an adjustable to fixed rate mortgage: Interest rates are currently lower than they've been in years. If you are able to switch to a fixed rate, you'll be able to keep these low rates permanently, saving you boatloads of cash!
- 3. Refinance to simply lower your mortgage rate: Last week’s mortgage report from Freddie Mac revealed that mortgage rates are down .44 percent from this time last year. These are the lowest rates in over three years! By calling your loan officer today, you could save yourself hundreds of dollars over the lifetime of the mortgage.
There hasn't been a better time to refinance your home in years! Contact one of our mortgage loan officers today to learn how you can save more for summer vacations with mortgage refinancing.
