There’s never been a better time to refinance your home mortgage and don’t just take our word for it
Drop in bond yields has led to historic mortgage refinancing boom.
From mortgagenewsdaily.com: CNBC’s Diana Olick takes a look at how lenders are managing a flood of requests from homeowners to refinance. Watch the full video video breaking down all you need to know about the recent historic refinancing rates: https://tinyurl.com/s9kqe6n (opens in new tab).
Lenders all over the country are being flooded with mortgage refinancing requests. What’s making home buyers so eager to refinance? It’s because the market is seeing historic mortgage refinancing rates…meaning there’s no better time to save money and lower the interest on your payments.
Here are three quick reasons why you should consider refinancing your mortgage:
Earn a better mortgage rate:
Interest rates normally fluctuate depending on the economic stability of a country. On the off chance that the rates have fallen, your mortgage will be subject to the current rates if you refinance it. This enables you to save money that you would have spent paying higher interests on the previous mortgage. Likewise, if you maintained a good credit score over the years, you are eligible for reduced rates of interest.
Lower your monthly payments:
Since you will be paying lower interests by refinancing your mortgage, the monthly payments that you make will likely reduce. If you want to lower the rates even more, you can simply extend the payoff date. That way, the amount you will have to pay in principle every month will reduce.
Reduce your mortgage payment term:
When you refinance your mortgage, you can reduce your initial home plan to a shorter one. You will save more money this way by avoiding the interest you would have paid for a loan that takes more time to pay off. Read more here.
➡️ If you’re ready to talk about your refinancing options just fill out the form on this page or call us at 585-288-2930 today!
Do you want to learn more information about home mortgages?
Checkout our Mortgage Basics page or our FAQs section.
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Preferred Mortgage Corp. of NY is a mortgage broker located in Rochester, NY.
We provided mortgage services throughout New York State including Rochester, Buffalo, Syracuse, Albany, and New York City. We’re also licensed to do business in Florida. Click here to contact us about our mortgage services.
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