While it's tempting to hold on to an impressively low interest rate, it may not be the best decision. Household budgets are complex and nuanced. The long-term cost of your mortgage is only one consideration.
If you have a really good interest rate, but your monthly budget still feels a little bloated, a Boles Group lending professional can review your financial situation, work with you to define your big-picture goals and suggest a mortgage solution that makes the most sense for your individual circumstances.
A refinance won't always be the best option, but here are just a few cases where a refinance might be a good choice (even at a higher rate).
Remove mortgage insurance. Quickly rising property values allow home owners to drop their PMI payments much sooner than expected.
Convert equity to cash. Think of it like selling your house to yourself. You borrow up to 80% of the current value of the home with a brand new mortgage. Once the original loan is paid off, the rest of the money is yours.
Change the loan term. Although interest rates are on the rise, refinancing to change the terms of the loan could still benefit many borrowers.
If you aren’t sure if a refinance is a smart choice for your circumstances, call the Boles Group at Bay Equity Home Loans in Gilbert. A licensed Boles Group loan officer will review your current financial situation, find your available options and help you come up with a plan to help you reach both your short-term and long-term goals.