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With everything that’s going on with the Fed and interest rates, there are many opportunities out there for people to save some money and lower payments, and refinancing is a great option for that. Today I’m joined again by the other half of the Duncan Duo, Mike Yates, to discuss some of the refinancing options out there and the scenarios people should look at when refinancing their mortgage.
One of the best and easiest refinances that is perfect for our Tampa market would be the VA loan, because we do have a lot of veterans that have purchased homes through VA financing. The VA streamline loan is a really easy loan in that there aren’t any income restrictions or appraisal requirements. Basically, it allows for a refinancing of a home with just a title search. If you are a veteran, look at your rate and compare it to other rates today. Or just call Mike and he’ll do it for you.
One of the things people often struggle with when refinancing is weighing the cost to refinance versus their savings. A common complaint related to this is paying the closing costs. Most of the time, as long as you have equity in the home, the closing costs get rolled into the loan so you don’t have to pay it out of your own pocket.
"As long as you have equity, the cost of refinancing shouldn’t be a problem."
Since interest rates are so low right now, refinancing is a great option for people who bought homes back when rates were much higher. Don’t be surprised if this makes sense for you, even if you’ve made a purchase not very long ago, especially if you’re planning on being in the home a long time. That would make it easier to refinance and lock in that low rate right now. Everyone has different financial needs, so it’s important to remember that you can also skip a payment most of the time with a refinancing.
Thanks so much for visiting with us today. Make sure to follow us on all our channels for more information regarding refinancing or real estate in general. If you have questions, don’t hesitate to call or send us an email.