Refinance Days are Here Again?
With interest rates doing what they are, if you are planning on staying in your home for more than a couple of years it might be time to reconsider refinancing.
I placed the call to my loan officer today about refinancing one of my properties. The interest rate that I will be getting is looking like it will be around 5.0% on a 30 year fixed.
Will they go down further? It's possible. But I can't really pass up money at that rate. I know that I plan on holding on to this home for at least 5-10 more years. With that in mind, I will save lots of money by moving my interest rate from 6.25% to closer to 5%.
Also, for those of you who are in an ARM loan or other hybrid mortgage, give a call to your professional lender and get the ball rolling for yourself. If your loan officer is no longer in the industry, send me an e-mail and I will get you a list of qualified lenders that will be more than willing to help you with a refinance.
Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty in St Cloud MN
