4 reasons why to take advantage of Low interest rates 4 reasons why to take advantage of Low interest rates
- Pull out Equity to invest
- Lower Rate
- Get rid of -or- lower mortgage insurance
- Move up
Invest: Believe it or not as a home owner you are an investor. So why not draw equity from your home in a low-rate environment and invest again? There are plenty of ways people re-invest their equity.
Remodel: Spring is here and no better time to remodel that outdated kitchen or bathroom, replace that old leaky roof that you experienced all winter or give that house a Facelift with some new curb appeal.
Credit Card Debt: One of the most common reasons is drawing equity to square up your credit card debt. Paying off those debts will not only take a huge weight off your shoulders but allow you to free up hundreds- if not thousands of dollars monthly. Giving you a chance to finally save and enjoy your life and your family without the burden of excessive credit card debt.
Lowering your Rate: Lowering your interest rate at the perfect time is one of the best decisions you could make as a homeowner. Most of us first purchased our home with less-than-optimal credit or minimal down payment which came with a higher interest rate than we desired at the time. Now, our credit has improved, and we have built up some equity in our home. With interest rates the lowest they have been in quite some time, this is your opportunity to lower your rate which may lower your monthly payment considerably.
Mortgage insurance: One of the biggest bummers for first time buyers without a large down payment is getting hit with Mortgage Insurance. Do not let mortgage insurance deter you from becoming a homeowner. Having a local, personal mortgage advisor can make all the difference and help plan for these decisions. There are multiple ways refinancing can reduce or get rid of your Mortgage insurance. If you have built up equity, we can now refinance you into a different term and or take you from a 30yr to a 15yr. All of these decisions are based off your unique situation and may vary, since no one’s mortgage is the same, it may be a good time to get in touch with us at America’s Home Loans and allow us to help point you in the right direction.
Moving up: From when you first purchased your home, time flew by and now that spacious two bedroom isn’t so spacious any longer and it’s time to “move up” in square footage. Families grow, but most don’t know that Lower Interest rates makes for a more comparable monthly Payment with a larger home, giving you the best chance of getting more space without stressing about how to make up the difference in monthly payment.
Please feel free to contact me, Jason Morales or Scott Lawson with any questions. For more information, tips and products please visit our website at www.Petalumamortgagebroker.com. From all of us at Americas Home loans where we help to create the American dream one client at a time.