Assessing If Now’s the Time to Restructure Your Loan

Is now a good time to refinance?

“Should I refinance?” People have been constantly asking me this question, so today I’d like to solidify my answer.

The answer is that it depends on your financial situation. Right now, interest rates have crept up a little, but they’re still historically low. If you currently have an interest rate of 3.5% or higher, I recommend that you speak with your lender about whether or not now is a good time to refinance.

"It looks like the market has cooled some, and it’s a good opportunity to get that dream home."

You might be concerned that if you refinance, you’ll be starting your 30-year loan all over again. Well yes, you would be starting your loan over again, but there are ways around it not taking 30 more years to pay it off. By making one extra payment a year, you can turn your 30-year loan into a 22-year loan. You could also refinance to a 15-year mortgage. The rate difference between a 30-year and 15-year loan is that the latter is usually about 0.5% lower

If you have any questions for me, don’t hesitate to reach out via phone or email. I’d love to hear from you.