Buying a home is a long-term financial commitment, especially with a mortgage. Typically, your monthly payments will account for the most substantial portion of your budget, and interest will cost you thousands over the lifetime of your loan. As such, you should ensure you have the best mortgage deal available. This is why now is the ideal time to consider refinancing. With interest rates currently holding low, you have the opportunity to take advantage of significant savings before 2019 comes to an end. Below is an overview of what has made refinancing an attractive option for many homeowners this year.

Is Now the Right Time for Refinancing Your Mortgage?

Reasons to Refinance in 2019

According to the Freddie Mac Primary Mortgage Market Survey®, interest rates have dropped to three-year lows several times in the last few months. Lenders are also offering the lowest rates seen in the decade. In turn, if you purchased your home when rates were much higher, refinancing your loan helps reduce your monthly mortgage payments considerably. Also, home prices are rising, which means you should have more equity built up in your property than ever before. Choosing to do a cash-out refinance will give you access to additional funds that you can use to consolidate debt or pay for home renovations. 

How to Determine if You Should Refinance Now

Refinancing doesn’t make sense for all homeowners, so you should ensure you’re a strong candidate before applying. First, check your credit score to make sure you’ll qualify for a lower interest rate. Next, talk to a realtor to find out how much homes in your area have recently sold for. This research will give you an idea of what the fair market value is on your property. Finally, ask your lender how much closing costs are on a refinance to see if it will pay off. 

If you’re interested in refinancing your mortgage and improving your financial situation, contact loan officer Dan Main. He offers more than 20 years of experience helping St. Peters, MO, homeowners and buyers secure the most favorable financing terms possible. He’ll carefully assess your circumstances to see if refinancing is a suitable solution for you and if so, walk you through the application process. Call (636) 284-4144 to set up an appointment or visit his website for more information on the various mortgage loan programs available.

Dan Main: NMLS # 502036
Flat Branch Home Loans NMLS # 224149
947 Waterbury Falls Dr
O’Fallon, MO 63368
This is for informational purposes only and not an offer to lend or extend credit.