Clues You Should Refinance

It’s no secret that rates are low, and it seems they just keep getting lower. In August, the nation’s average interest rate for a home loan dropped to a mere 2.88%. Ask your grandparents, or even your neighbors, how insane that low of a rate is. Really, if you’ve purchased a house within the last few years you’re probably shocked as well. While it may seem unbelievable for rates to drop lower than those that we are seeing now, it’s possible… After all, it is 2020. 

Talk of the benefits of refinancing your mortgage aren’t going anywhere soon. But if we were you, we wouldn’t take the chance of waiting for rates to drop further… If you aren’t looking to purchase a new home in the near future, a refinance might be just what you need. Refinancing can reduce your monthly mortgage payment as well as your total interest costs. Even if your home loan is as recent as 6 months, it still may be worth looking into. 

Here are some major clues that it might be time to refinance…

First and foremost, your current rate is over 4%. If your current rate is 4% or higher, it may be a phenomenal time to take advantage of a refinance. You are almost guaranteed to save money by doing so. Refinancing for a lower rate can make a lot of sense, especially if you’ve been working on your credit score. Your interest rate is determined through various factors and the better your credit score the better chance you have of securing a significantly lower interest rate. 

Secondly, you plan to own your home for at least a few more years. With a mortgage transaction comes closing costs. It takes a period of time to break even and begin the actual savings of a refinance. If you plan to stay in your home for awhile, you can truly save money in the long run… But if you plan to move soon, maybe steer clear of a refinance and reevaluate your decision to wait on purchasing; beginning the house hunt now might be a better plan of action.

There are many other scenarios where a refinance may be especially beneficial. If you have questions about determining if a refinance is right for you, connect with a Cambria Mortgage professional: www.CambriaMortgage.com / 952-942-0110. Nothing is certain, especially in 2020, and locking in a low rate now can benefit you for years to come. Don’t wait, get started today!

Sources:

Davis, S. (2020, July 20). When To Refinance: 3 Steps to Deciding Whether to Refinance or Not. Retrieved August 26, 2020, from https://www.moneyunder30.com/what-to-consider-before-refinance-mortgage

N. (n.d.). Mortgage Refinance Calculator: Should I Refinance? Retrieved August 26, 2020, from https://www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings

Treece, K. (2020, August 12). Mortgage Refinance Calculator: Should I Refinance My Home? Retrieved August 26, 2020, from https://www.forbes.com/advisor/mortgages/mortgage-refinance-calculator/


Low Rates: Opportunity is Still There, For Now

Over the past year, we’ve been spoiled with mortgage interest rates at rock bottom levels we’ve never seen before. Recently though, toward the end of September, rates increased. Don’t panic… You haven’t missed your opportunity to save with a low rate… Yet. While the days of waiting for a lower rate are behind us, today’s mortgage interest rates are still historically low and very much worth taking advantage of.

A Guide to Fighting Home Buyer’s Fatigue

Navigating today’s housing market is anything but simple. Buyers are seeing multiple offers to compete with on nearly every home, contract terms that heavily favor the seller and it’s rare to see a home go for less than list. This market requires buyers to be quick on their feet and act fast with a solid offer in hand. Even with a solid offer, buyers have to be ready to negotiate to win that bidding war. With that said, all the moving parts of a seller’s market can be a recipe for burnout. If you’re feeling the fatigue of this market, take a look at the tips we’ve laid out below - and remember, Cambria Mortgage is here for you.

Seller’s Market Shmeller’s Market… Why Buyers Can Still Win in This Environment

Ah, yes - a seller’s market… Where the number of people looking to buy a home far exceeds the number of houses available for sale. Seller’s are most definitely in the driver’s seat and call the shots when it comes to choosing their most ideal purchase offer. So for many, searching for a home feels like a losing game as of late. However, with some perseverance and competitive drive, homebuyers can still win big even in this environment.

The Tool Clients, Realtors & Mortgage Lenders Are Raving About

It’s no secret that our world operates on the principle of instant, fast and seamless. To be expected... Client, realtor and lender expectations are built on the same foundation. As a company, we are proud to offer the tools and technology that allow us to meet and exceed the expectations of the modern consumer. We have what clients, realtors and lenders are raving about… The Cambria Mortgage Mobile App.

Three eMortgage Musts You Shouldn’t Miss

While CDC guidelines seem to be loosening with each passing day, for many people things still don’t feel “normal” enough to be comfortable meeting in-person. So the question is… Can you still obtain a mortgage with limited contact? Yes, at Cambria Mortgage you definitely can. Getting a mortgage virtually is a popular option, and we’re more prepared than ever to provide that service to our clients. Here are three tips to help your transaction go smoothly:

What Makes a Team Great? 10 Times Our Clients Summed it Up.

When it comes time to purchase or refinance your home loan, it’s important that your lender fully understands your unique circumstances, your financial situation and your goals for the future. This is an occurrence where you definitely don’t want to feel like you’re “just another client”. At Cambria Mortgage, clients receive personal, one-on-one assistance with a lender they can trust. Our Mortgage Consultants explain the various home mortgage programs, help you decide which loan is best suited to your needs and guide you through the entire process so you feel fully informed and able to make sound decisions. Client satisfaction means the most to us. Here are 10 examples of feedback we’ve received that proves just how much our team cares:

Roses are Red, Violets are Blue, Interest Rates are Historically Low… You Could Save $$$ Too!

Valentine’s Day is almost here and love is in the air. Do you know what else is in the air? Talk of low interest rates. If you haven’t caught wind that interest rates are historically low consider yourself an anomaly. Mortgage interest rates have continued to hover near all time lows for quite a long stretch of time, meaning now could be the best time for you to take advantage of them by refinancing your current mortgage or locking in a low rate for your next home purchase. Unlike eternal love, low interest rates may not last forever so take advantage of the situation while you can!

5 Steps to Achieving Your Goal of Homeownership

As the entire world is aware, a fresh new year is ahead of us. Like many others, you’ve probably taken some time to reflect on how this last year has shaken out and you've likely set some new goals for yourself. In order to best achieve a goal, we need to map out exactly what needs to be done to get there. If purchasing a home is on your list of resolutions this year, keep reading because we’re laying out exactly what you need to do to crush that goal in 2021.

Creating Your 2021 Vision Board: Is a New Home One of Your Goals?

In a year full of uncertainty, one thing is for sure… It was easier than ever to lose sight and hope of what’s next. Many who planned on buying a home this last year decided to postpone that dream. But interest rates are stellar and it’s time to act. If you’re like us, and ready to put the doom and gloom of 2020 behind you, you’ll enjoy this article.

Is 2020 Still Your Housing Year?

We don’t think anyone would disagree with stating this year has been unexpected, difficult and confusing for most everyone... but especially for prospective homebuyers. Those who planned on 2020 being the year they jumped headfirst toward their dream of homeownership may now find themselves doubting that idea altogether. Fear surrounding another housing crash like that of the last recession still lurks, however all signs are still pointing toward a positive housing climate.

Realize Your Remodel with Finance by Cambria

Now that summer is upon us, it’s a great time to start planning your next kitchen or bath remodel with Cambria®. Whether you’re dreaming of a sparkling, all-white kitchen with pristine countertops and a stunning center island crafted of Ella™, or a sophisticated master bathroom with a coastal-chic vibe featuring Oakmoor™, Finance by Cambria is an ideal way to pay for your remodel.

Jumpstart Your Remodel with Finance by Cambria

Now that spring is just around the corner, it’s a great time to start planning your next kitchen or bath remodel with Cambria. Whether you’re dreaming of a sparkling, all-white kitchen with pristine countertops and a stunning center island crafted of Ella™, or a sophisticated master bathroom featuring the elegant, serpentine swaths of Roxwell™, Finance by Cambria® is an ideal way to pay for your remodel.