America's Moneyline

If you own your home and haven’t refinanced in the last year, why are you procrastinating? Mortgage rates still remain close to their all-time lows. Many households have seized the opportunity to trim down their interest rate and monthly payment. Do not be a part of the estimated 19.4 million homeowners that are sitting on their home’s equity when you could save on average $308 a month on your loan. If you are still facing economic hardships, refinancing could be very beneficial to you. By refinancing you will have the opportunity to save money on your monthly payments and reallocate your funds to other areas of your budget. By Refinancing an existing loan, and while reducing the interest and payment, the total refinance charges maybe higher over the life of the loan.  

How do I know if I am an eligible candidate? 

You’re in a good position to refinance if you currently have a 30-year mortgage at around 3.50% or higher, and if your credit score is exceptional (800 or higher) or very good (740 to 799).

Why are rates so low?

There are many factors that have fueled the currently low refinance rates. Refinance rates are affected by two categories!  

Larger economic factors

  • Strength of the economy
  • Inflation rates
  • Employment
  • Consumer spending
  • Housing construction and other market conditions
  • Stock and bond markets
  • 10-year Treasury yields
  • Federal Reserve policies

Personal economic factors

  • Credit score
  • Credit history
  • Down payment size
  • Loan-to-value ratio
  • Loan type, size, and term
  • Debt-to-income ratio
  • Location of the property

How to get the best refinance rate!

If you’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure you a lower rate. Interested in other tips? 

Contact today!