How do you know whether you should refinance? Today I’m sharing a good rule of thumb.
Interest rates are incredibly low right now. I had a lender friend reach out to me to say he just refinanced one of my clients’ homes for 3.1% for a 30-year fixed loan. 15-year fixed loans have rates even lower than that. How do you know when you should refinance your home? The rule of thumb for refinancing is if your interest rate is a percentage point higher than what buyers can get now, and you’re planning on staying in your home for at least a couple of years to actualize the savings, then it makes sense to refinance. You’ll save money!
If you need a lender, we have a few with low-cost options that can help refinance your home. Please reach out via phone or email if you’d like us to put you in touch with them or if you have any real estate questions. We would love to help you.