Three Reasons to Refinance with Fairway

September 1, 2020 12:00 am

savings, finances, economy and home concept - close up of man with calculator counting money and making notes at homeInterest rates are low nationwide, making it an excellent time to refinance your home mortgage loan. If you have not refinanced in the past two years, you could be saving hundreds of dollars per month on your mortgage payment with the right home loan.

Here are three great reasons why you should take the step to refinance:

  1. Lower your interest rate. If your home is currently financed at a higher-than-market rate, it could be a good time to refinance. Reducing your interest rate not only saves you money, but may also increase the pace at which you build equity on your home.
  1. Shorten the term of your loan. If you have a 30-year mortgage, now could be a great time to think about refinancing! With the current low interest rates, a 15-year mortgage may not be much more expensive than a 30-year mortgage. Try entering your information into a mortgage calculator to see if the payment is something you can afford.
  1. Convert between ARM and a fixed-rate mortgage. While ARMs often start out offering lower rates than fixed rate mortgages, over time, the loan may see rate increases that are higher than the rate available with a fixed-rate mortgage. If this is the case, converting to a fixed-rate mortgage can result in a lower interest rate as well as eliminate the concern of future interest rate increases. On the flip side, it may be worth it to look at refinancing to an ARM from a fixed-rate mortgage if you know you will only be in your house five to ten more years.

Interest rates are low, so let’s talk about your goals for a refinance! Call me today to set up an appointment.