If you’ve been considering a refinance, now might be a perfect time.
Here are three ways a refinance today could help you.
Rates Are Staying Low
Mortgage rates were near all-time lows earlier this year. Although they inched ever so slightly higher in recent months it looks they are starting to cool down again.
The graph below shows our recent downward trend.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting further explains,
“Mortgage rates moved lower for the second week in a row for all loan types. The 30-year fixed rate decreased to 3.16 percent and has declined 14 basis points over the past two weeks.”
The Adverse Market Fee Has Been Removed
Earlier this year the Adverse Market Fee was removed to help families reduce their housing costs. Lenders are no longer required to pay a 50-basis point fee when delivering refinanced mortgages.
These savings can be passed directly to you in the form of lower rates or reduced fees!
Home Equity Reaches New Heights
Home equity is growing, and it’s growing fast.
Since this time last year, national homeowner equity has increased by 29.3% according to CoreLogic’s Homeowner Equity Insights.
Look at the map below to see the average equity gain over the last 12 months in your state:
That’s right, homeowners across the US have gained an average of $51,500 in equity!
Your equity could help you pay off high-interest debts like credit cards, student loans, or car loans.
Bottom Line
Rates and fees are remaining low, and equity is at an all-time high. Now is the time to refinance and save money.
Ready to see how much a refinance could help you save? Fill out the form below and a NEO mortgage advisor can create a free Total Wealth and Savings Analysis for you.
