Should you refinance your mortgage during COVID-19? As part of the fallout from the coronavirus pandemic, mortgage rates have dropped to some of the lowest levels in history. This means now may be the perfect time to refinance your home loan for a lower rate and lower payments or to shorten your mortgage term – or both.
Refinancing your home loan could make your monthly mortgage payments more affordable – and that’s a good thing – whether COVID-19 has impacted your income or not.
There are things to consider when refinancing, such as closing costs and whether you plan to be in your home long enough to make refinancing pay off. This is where the expertise and guidance of your Resource Financial mortgage expert will help. We will provide a free evaluation of your current loan to determine if refinancing will benefit you.
There are many good reasons to refinance right now, including:
- Remove monthly mortgage insurance from your monthly payment
- Lower your interest rate and the amount of your monthly payments
- Shorten the term of your loan and decrease the interest paid over the life of the loan
- Move from an Adjustable Rate Mortgage (ARM) to a fixed rate
- Get cash out of the equity in your home to pay bills or make home improvements
How should you take advantage of today’s extremely low mortgage rates? Your Resource Financial lender will work with you to determine if refinancing is a good option for you. Contact us today for a no-cost review of your current mortgage.
At Resource Financial Services, we love making people’s dreams of home ownership a reality. Visit us online today at rfsmortgage.com to get started. Then contact a Resource Financial Services mortgage banker at 877.797.4545 to discuss your mortgage options and your financial goals. Let us walk you through the process and welcome you home to a better mortgage.