As you may have heard the Coronavirus has disrupted the financial markets and interest rates are at historic lows. This situation has created an opportunity to save money by refinancing your mortgage. For those of you who have higher rate mortgages and plan on staying in your home 4-5 years or longer probably makes sense to refinance. If your present mortgage is 7-10 years old or more and your finances are comfortable a 15-year fixed could be an excellent option to save a lot of money over the lifetime of your mortgage. It’s not uncommon to save over $100,000 in interest when refinancing to a lower rate, shorter-term mortgage.
The bottom line is this, the more you owe and the longer you plan to keep your mortgage the greater the savings will be. Anybody with a rate above 4.375% should have a conversation with a mortgage professional as soon as possible.
Don’t make the mistake of waiting for rates to drop further because while you wait rates might go up and you will be missing out on savings in the meantime. Call a reputable mortgage broker now.
You should have a recent mortgage statement available to have a productive conversation.
Don Rizzo is a licensed Mortgage Broker in NY, NJ & CT and is the owner of Sun Mortgage since 1996. He is a top-rated service provider with Zillow, Yelp, Google and Angie’s List and can be reached at firstname.lastname@example.org or 877-478-6562 (877 4 SUN LOAN), Sun Mortgage, More info.