Changes in the housing market could mean big savings for you!
Lack of inventory and a spike in purchases has caused a rise in home values. This means that you may have enough equity in your home to eliminate costly mortgage insurance premiums by refinancing.
Refinance to drop your mortgage insurance?
With mortgage rates at historic lows right now, it might benefit you to consider refinancing your mortgage to save on interest costs or reduce your monthly payments. At the same time, refinancing might enable you to eliminate PMI if your new mortgage balance is below 80 percent of the home value. It’s a win-win situation.
Consolidate your debt and save money
Another benefit of refinancing allows you to pay off high-interest credit cards and installment loans. Consolidating your debt into a lower rate can save hundreds or even thousands of dollars per month! This savings can be applied to your mortgage allowing you to pay it off faster, even with the increased balance.
Take advantage of low rates
Rates are still at historic lows which means that now is the time to take action. Why spend money every month on unnecessary mortgage insurance and costly high-interest debt when a single phone call could save you thousands?
With any refinancing, you’ll want to weigh the closing costs of the transaction against your potential savings from the new loan terms and eliminating PMI.