Is it Time to Review Your Mortgage Rate?

By: David Smyth, October 18, 2019

When was the last time you reviewed your mortgage? If it's been a couple of years, it may be worth pulling out those documents and taking a look at your rate, terms and payment. A few things have happened recently that might make this a good time to look into a refinance, especially if you have a strong credit score.

The gap between treasury yields and mortgage rates is higher than it's been in years. Mortgage rates that were a little higher recently have dropped again, and there's talk that they may drop even more. But reviewing your mortgage isn't just about what rate you're paying. For those of you who took out your mortgage three, five or seven years ago or more, you might have paid off a sizable portion of your loan principal, and a refinance could improve your cash flow.

For those of you who've completed any home renovations or significant repairs and may have a home equity line of credit or credit card carrying a balance from those expenses, it's perfectly valid to roll those into your primary mortgage. You can secure a lower rate and improve your cash flow by combining everything into one lower-interest payment.

If you're in one of these buckets and you want to talk to us about your mortgage situation and what options might be best for you, please give us call. We'll answer any questions you may have, and if you'd like, we can provide a referral to a qualified mortgage lender who can help get you started on a refi.

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