Natalie Quaratino - Denver Real Estate Agent

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Refinancing: The Right Move?

November 5, 2019 By Natalie Quaratino

Refinancing: The Right Move?

Consider these factors about refinancing:

The federal reserve recently cut interest rates for the third time in 2019, and if you have anything above a 4.25% 30-year fixed mortgage, or an Adjustable Rate Mortgage (ARM), it may be a good time to consider refinancing your home. There’s no one-size-fits-all answer to whether you should refinance, so here are a few of the main considerations.

Picture of toy house sitting on top of a calculator for refinancing post

If you have a fixed mortgage, what is your current rate?

If you have anything above a 4.25% 30-year fixed mortgage, it may be worth it to explore your options.

If you have an ARM, how long does your introductory rate last?

Most ARMs have a fixed rate for the beginning of the mortgage. This is an introductory period (usually 3-10 years) when your rate will remain constant before it can be adjusted. If you have several years left in your introductory period, you can monitor interest rates for a while before making a decision. But if the intro rate is ending soon, it’s a great time to explore refinancing at a fixed rate.

What is your current rate?

If you have anything above a 4.25% 30-year fixed mortgage, it may also be worth it to explore your options.

How long are you staying?

If you plan to sell your home soon—especially if you’re still on a fixed introductory rate—there’s not much motivation to refinance. But if you’ll be at your home indefinitely, you should consider your refinancing options. You could eliminate the stress of not knowing what your future mortgage rate and payments will be.

What’s your loan balance?

The change in your mortgage payment will, of course, be determined in part by your remaining balance. If you owe $100,000-$200,000, a new interest rate may not greatly affect your monthly payment. On the other hand, if you owe $500,000, a change in interest rate could lead to a much higher payment.

Other factors

The previous items are just a few of the factors that should go into a decision about refinancing. Changes in income and your current credit score should also be considered, so be sure to weigh your options and make an educated decision.

Take-Home

Though going through the refinancing process might seem daunting, it can save you a substantial amount of money in the long run.  If you’re looking for reputable local lenders, give us a call.  We’re happy to send you our list of qualified mortgage professionals for you to contact.  It’s always a good idea to shop around!

Filed Under: Colorado Safari Properties Tagged With: Colorado Real Estate, Colorado Safari Properties, Financing, Real Estate, Real Estate Trends, Refinancing, Tips and Tricks

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