Louisville News and Info December 25, 2024
With rising interest rates, many homeowners are asking: Is refinancing still a good idea? While refinancing can be a powerful financial tool, it's important to carefully evaluate whether it's the right move for you in today's market. Here's everything you need to know to make an informed decision.
The first step is to compare your current mortgage rate to what's available now. If rates have dropped since you took out your loan, refinancing could lower your monthly payment and save you thousands over the life of the loan. Even a 1% reduction in your rate can make a big difference.
Refinancing is an opportunity to adjust your loan term to better fit your financial goals:
If your home's value has increased, you may have built significant equity, which opens the door to new refinancing options:
Refinancing isn't free—closing costs typically range from 2% to 6% of the loan amount. Before you refinance, calculate how long it will take to recover these costs through monthly savings. If you plan to stay in your home longer than this “break-even point,†refinancing may be worth it.
Your credit score can significantly impact the interest rate you qualify for. If your score has improved since you first got your mortgage, refinancing now could help you secure a much lower rate, even in a high-interest-rate environment.
Refinancing can still be a smart move, even with higher rates, in these situations:
Refinancing during a high-rate period isn't for everyone, but it can be a game-changer depending on your financial situation. The key is to carefully weigh the potential savings, costs, and your long-term plans before making a decision.
Thinking about refinancing? Let's talk! I can connect you with trusted lenders and help you determine if now is the right time to refinance your home.
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