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!
Fall In Love With The Benefits of a Refinance!
If you already have a home that gives you all the feels, plan to own it for a while and your current rate is around 3% or higher… Looking into a refinance may be a great option. Refinancing your current mortgage is an especially great idea if you’ve been giving your credit score some love. When it comes to your interest rate, the better your credit score is the better chance you have of securing a significantly lower one. Remember, it takes a period of time to break even after closing costs to begin seeing the actual savings of a refinance so if you plan to stay in your home for a while, you can truly save money in the long run… But if you plan to move soon, finding a new home you’re head over heels for sooner rather than later might be a better plan of action.
Is a New Home Where the Heart is?
Low rates mean increased purchasing power; when interest rates are this low, your dollar stretches further making you able to afford more than you might think (hello dream home!). Additionally, when you are working with a larger budget, you probably have more wiggle room for negotiating. If you and your Realtor are looking at houses within your price range and you’re faced with a bidding war, your odds of being able to submit a counter offer to beat out other bidders are higher.
There’s no time like the present to lock in a sweet low rate through a purchase or refinance. Check out these tools you can use to review a possible refinance or preview your next potential home purchase. Connect with a Cambria Mortgage professional to talk more in-depth about your options today! 952-942-0110 / CambriaMortgage.com