With the news focusing on the bad about the pandemic, they’re forgetting one important thing. Bringing you actual news that can help you or benefit you!
For example, interest rates are incredibly low right now. This makes it a prime time to refinance your mortgage.
Refinancing your mortgage is simply getting a new mortgage to replace your old mortgage. When interest rates drop, you are able to save in the short and long run by paying a lower mortgage interest rates. But that is only one reason to refinance your mortgage now.
If you still have a lot to pay off on your loan, going with a lower rate will save you money because your monthly payments will be lower. This can help make life a bit less stressful if you’re having cash flow issues.
This cash can be used to pay off debts.
Bonus tip – If you pay off credit cards at 24% to a lower interest mortgage rate, this strategy can save you a ton of money overall!
Please note that the numbers below do not reflect actual loan amounts. I am using simpler numbers for example purposes only.
If the rate on the refinanced 125K mortgage is 5%, and the rate on a $75K mortgage is 2.5%, by applying your $50K from the inheritance you could now only have to pay 2.5%.
As a bonus, did you know that you can choose who does your closing for your refinancing? See, we made sure there are 6 options in this post as promised.
By choosing your own closing company, you can save even more. If you would like a quote from us, email us by clicking here or click here to learn about our closing services and fill out the form on the top of the page.
Your closing disclosure is arguably one of the most important documents you’ll run into when…
Entrepreneurship is both thrilling and demanding. For business owners constantly juggling multiple responsibilities, time is…
March 12, 2024, Fairfax, VA – In a significant achievement for ATG Title, the Fairfax-based…
Real estate teams are gaining popularity among realtors, and in the United States alone, there…
In the ever-evolving landscape of business, maintaining a competitive edge demands adaptation and improvement. One…
Tough markets often lead people to try creative avenues to set them apart from the…