Mortgage Rates Hits All-Time Low. Is Now A Great Time to Refinance? | Freeman Capital

Mortgage Rate is at an All Time Low

Buying a home is likely the biggest asset you will purchase in your lifetime. It’s the financial backbone of the US economy, and the vaunted American Dream depends on it. Of course, most buyers don’t just buy a home – they borrow large amounts from banks or others to get in the game in the form of a mortgage.

One of the best financial tricks you can do to save money, though, is to refinance that mortgage when rates drop. And rates have never been lower.

There will be a cost to refinancing your mortgage, so be sure to know what you are doing. But if refinancing will save you money by helping you build the amount of money you own in the house and pay off that mortgage faster, it’s a unique way to create wealth with not a lot of work on your part.

With rates at rock-bottom here, even if you have a new mortgage, it might be worth exploring.

 

Should You Refinance?

As a general rule, if you can lower your rate by 0.5% or 0.75%, you can substantially lower your monthly payment, freeing up cashflow, or take massive amounts of time off your mortgage.

And while we wouldn’t recommend it for everyone and all situations, if you’re one of the millions of Americans struggling right now, you can do a “cash-out refinance” and borrow more than you initially did, at potentially a lower rate. If you have some building credit card debt, consider consolidating it using this trick.

If you are unsure if you should look at refinancing your mortgage or not… ASK US! We can help you.

Click Get Started to learn more. 

Freeman Capital

Freeman Capital

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