So maybe you have visited the beautiful Emerald Coast and you are thinking to yourself that I might want to buy a condo while I am out there. Seems like a pretty good investment. Well, these are
When is a Good Time to Refinance your Property?
Dated: February 25 2020
The "best" time to refinance your property is all determined by your needs as a home owner but here is what we know. Rates are at a historic low so IF you wanted to refi, now would be a heck of a time to get that started.
Do you have things around the house you want to upgrade? Well a Cash out Refinance may be a good idea but let's not forget about the option to do a HELOC. That stands for Home Equity Line of Credit and it can also be a good option.
Our suggestion - talk to your preferred Lender and see which option is best for your situation.
Of course that is not the only reason to refinance your property. One of the best reasons is to lower your interest rate. Let's say that you purchased your last home when the interest rates were a bit higher, this would be a good time to take advantage of the new, low rate. Currently our rates are hovering around 3% to 4% depending on the type of refinance you need to do.
As for you Veteran's and Military folks in general, you have a special type of Refinance you can do if you use your VA Loan to refinance. The VA Streamline loan (aka VA IRRRL). This one is powerful do to it's very low cost to cover and in most cases, low to zero closing costs.
Keep in mind that when you refinance your home, by default they are resetting your loan at the 30 year mark, so if you are 3 years paid down and want to remain at 27 years until the balance is paid, you have that option. Just be sure to make your Lender or Mortgage Professional know so that they can structure it appropriately.
We could go on and on about refinances but bottom line, if you are looking at getting one done and you need help finding a professional lender to help, give us a shout at 850-543-2260
Andrew Iremonger started his Real Estate career shortly after leaving the United States Air Force in 2014. The qualities that the military instilled in him carried on in his work ethic. Just a few sho....
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