It's Time to Consider Refinancing Your Home!

Have you considered refinancing your home?

With federal mortgage interest rates at historic lows, now may be the time to talk to us about making the most of your mortgage. Many people don’t realize that when you buy a home, you don’t necessarily need to keep the same mortgage and rate for the life of the loan.

There are many advantages to refinancing, so I’ve made it easy right here with a list of the top reasons customers talk to us about this option:

• Conventional mortgage rates are currently at historic lows nationally. It may be time for you to see if you could save some money on your payment.
• Refinance your Home Equity Line of Credit variable rate into a low fixed rate, many times at a rate lower than your current variable rate.
• Have things you need to get done around the house, or are you struggling with credit card debt? Use the equity in your home for debt consolidation or home improvement.  At today’s current low rates, the money you borrow may be cheaper than credit cards, home improvement or personal loans.
• Did you get a promotion or raise, or did you just become an empty nester?  Talk to us about the terms of your loan. You may be able to pay it off faster.
• Struggling with unexpected debt or medical bills?  Renegotiate the terms of your loan with a refinance and lower your payment by extending the term of your loan.

Lowering the rate or term on your mortgage can save you thousands of dollars per year. Typically if you can save at least 1% point off your current mortgage rate, refinancing makes sense.  There are of course many factors to consider when looking into refinancing your home. Feel free to email me at bosadchey@tompkinsfinancial.com or give me a call at 607.266.5455 and we’ll go through the options together.