08/05/2024
As we move into the next couple of months, it is true that Interest rates have started to drop!
Does it mean you should look into Re-financing?
Not Necessarily. ❗️
Beware of ⛔️Lenders ⛔️pushing you To re-fi Now, Now, Now. What may make sense for some, will not make sense for others.
Everyone's situation is different, Here are some factors to consider:
🟢What interest Rate is being offered!
🟢 Loan amount...going from 7% to a 6.5% saves a different amount per month when loan is 200k vs 500k.
🟢When is your brake even point and how long will you be in the home? 💲aving $100 a month with closing costs being $2,500 (ex.)
puts your break even point at 25 months. Meaning the first 25 months, your $100 saving is paying off the $2,500 closing costs and then month 26+ your truly saving $100.
Buying a home is a long term investment. Don't let random lenders just convince you to Refi over and over again year after year just to put money in their pockets!
Please don't Hesitate to reach out and talk about whether it is or isn't the right time for you to refinance! Our conversation may tell you, that you're ready, or it may tell you to hold off from refinancing for a tad bit!
NMLS #2121155
[email protected]
916-764-5410
