Many of you have heard recently that it’s a really great time to Refi. Really true. We haven’t had rates this low in many years. For some of us who’ve been in the industry a long time, we haven’t seen these rates since the last three or four years, and well before that.
When we do a Refi, one of the questions we do get a lot, or at least I do, is, “Do I have to start my term all over again?” Well, no… if you have a conventional style loan and not a jumbo, or some other specialized loan in the conventional world, we can actually set your term the way you want it. For example, if I did your loan four years ago, and you have 26 years and two months left, then we can just do a 26 year and two-month loan. We do not have to automatically go to the 30-year fixed automatically.
If you want to shorten it yourself anyway to a 15 year, that’s fine too. But don’t feel that you are stuck with a 30-year term if that’s what you have originally. That’s great news on that side of things so you don’t have to end up making any more payments than you really do want to.
Doing a Refi has many added bonuses. You do get a skip at least one payment and possibly two and that’s actually some great money in your pocket there. If you think about your house payment. The other thing is if you currently have your property taxes and your homeowner’s insurance escrowed into your payment, when we close on the new loan, the old loan must give you that money back. So, you could potentially get a few thousand dollars in your pocket between skipping payments and the escrow account refund to you.
If you want to pull some of the money out when you Refi, you can do some things around the house that you’ve been wanting to do. If you want to spruce up your kitchen, maybe you want new cabinets or new countertops, or you want new floors in the house. Or maybe you’ve wanted an outbuilding to put that great tractor in that you have that sitting in your garage while you’ve been parking outside. The other thing you can do is if you bought your house with a first and second combo to avoid mortgage insurance or you had some kind of down payment assistance, we can actually put those two loans together. This will give you one loan and your rates will probably be lower than what you were originally paying. You can buy a vacation home to go hang out at the beach or over in Bend, or wherever you want to go. You could buy a rental property and if your debt service is high right now you can consolidate some of your debt. That could be a lift off your shoulders and make your life a little easier.
Of course, you don’t have to take cash out. You can just do a straight rate and term refinance and not take any money and that actually is a great way to go to because that’s where you’re going to realize the most savings.
If you have any questions or you just want to get started, click HERE or on the big yellow Get Started button at the top of this page, which will begin take you through the application. It’s a smart application and it’ll know what to ask you for in terms of documentation as you go through it. Once that’s done, I will personally review your application and call you.
If you’re not sure you’re ready to start an application and just want to run the numbers first, give me a call and let’s chat to see if it makes sense.