Refinancing Can Save You Hundreds of Dollars Per Month

In the last ten years, we have seen historically low rates.  Many people think that they probably have a good rate, especially if they have purchased a home, or refinanced in the last 3 years.  But, nothing could be further from the truth!  Get a free rate check-up now!

Should you refinance?

Generally speaking, you should have your mortgage loan re-evaluated if you haven't obtained it in the last year.  Rates change daily.  We have seen some clients take advantage of 1, 2 or even 3% rate reductions and this can mean a LOT more money in your pocket every month!

What are the costs?

The cost to refinance is often outweighed by the long term benefit.  Our experienced loan officers will provide you a cost-benefit analysis so that you fully understand the up-front and long-term costs.  In the large majority of cases, clients can see a drop in their monthly payment, and often even reduce the length of their mortgage, which can save literally hundreds of thousands of dollars in interests.  This is a great wealth builder!  Can you imagine paying off your home in half the time?

Is paying mortgage points worth it?

Before your loan closes, you’ll have the option to pay points on your mortgage, which is paying money upfront, to permanently lower your interest rate.  This can provide big benefits for some, while not as advantageous for others.  "It all depends on how long you plan to stay in your home or how much money you would like to save each month.  Depending on your goals, it can make sense to buy down the rate," says David Ratti of Envoy Mortgage.  The amount of money you have to pay to buy down your rate depends on the interest rate market.   

Getting cash-out for renovations

One of the reasons many homeowners are refinancing is to take advantage of great renovation loan programs to make their homes more usable, practical, and potentially increase the value.  These loans allow you to base the loan amount on the 'After Renovations Value' of your home, so you don't need equity in your home to take advantage of these programs.  However, you do need a lender experienced in renovation financing and, as always, a reputable, licensed contractor.

The experts at The Ratti Lending Team at Envoy Mortgage can help you determine if refinancing makes sense for you.  David Ratti notes, "In many cases, we are able to help clients save a lot of money which means more money in your pocket every month!  In other cases, they have a decent rate and we simply help confirm that they are in a good place.  It costs nothing to find out, so why wouldn't you get a rate check-up?"  

If you'd like a free mortgage rate check up and simple analysis, contact us or complete a quick online review in just 15 minutes.  We'll be able to tell you if it makes sense to refinance now or not!

For more information on refinancing, read this article:

 https://envoymaryland.com/blog/f/should-you-refinance