As mortgage rates reached never before seen lows this year, homeowners rushed to refinance their homes and save money on their mortgage. However, according to a recent publication by Forbes, 18.9 million homeowners are missing out on the opportunity to refinance.
These homeowners could save on average $297 per month by refinancing. Are you one of these homeowners or have you taken the opportunity to refinance already?
By refinancing you can lower your mortgage payments, use the equity in your home to get the cash you need for home improvements, college tuition or pay off unplanned medical expenses, and you can even look at the possibility of consolidating your debt into one payment.
Should You Refinance?
Most homeowners would currently benefit from refinancing due to the low mortgage rates available, however in order to determine if a refinance would benefit your particular situation you will have to look at the interest rate of your current mortgage, the potential interest rate of a new mortgage, how long you have left on your current mortgage, and refinancing fees.
Can You Still Benefit From the Low Rates?
Yes, mortgage interest rates are still very low. However rates will not stay low forever, so you should reach out to one of our Mortgage Bankers as soon as possible to determine if this opportunity is right for you.
How to Refinance Your Mortgage
You can start your mortgage refinance by reaching out to your Resource Financial Services Mortgage Banker if you already have one, or by selecting one of our experts from this list.
You will need to have in hand the following information: your social security number, your current pay stubs, or if self-employed – your tax returns for the past two years, your bank statements for the past two months, any investment account statements for the past two months, a summary of debts and a summary of assets.
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.