by Ashley Robertson
Some great ways to take advantage of today's low interest rates is to either refinance your current home or sell it while the market is still very active and buy a new one. There are some benefits to consider with either of these options, and at the end of the day it’s about your unique situation and goals.
Refinance Your Homeà
One of the top reasons that many people refinance is to get a lower interest rate on their mortgage. Some even choose to buy points to lower their rate even more. With a lower rate, your payment will typically be lower, and that means you'll end up paying less for your home overall.
Or you may want to pay your mortgage debt in less time.
If you’re in a 30-year loan term, refinancing to a 15-year mortgage would enable you to own your home free and clear that much sooner. You could also build equity in your home faster if you take this route. The downside is that you’ll have a higher monthly payment, which could put a strain on your budget if you’re not careful.
You could also pay off/consolidate some debt you may have accumulated.
Maybe a credit card has gotten out of control and paying it off would give you some breathing room? Using our advanced system, I can run scenarios of your new proposed mortgage amount and interest rate with the debt added to the balance to get an example of what your new payment would be. We could then compare that to your current mortgage payment, credit card payment (interest and balance) and go over the options. Many times, this has saved our clients money on the overall amount they are paying out each month.
Keep in mind that just like there are closing costs outside of the down payment when buying a home, there are also closing costs when refinancing a home.
If there’s enough equity in your home, you would have the option of rolling those costs into the new loan or paying those costs at closing.
If you’re curious about these incredibly low rates and considering taking advantage by refinancing your home, then call or email me and let’s go over your options. You may be pleasantly surprised with what you could save each month. Call or email me anytime and we can go over this in more detail.
Sell Your Home or Rent It Out & Buy A New One!à
The market here in Central Florida is smoking hot—and I don’t mean that because of the heat index. The historically low rates along with being a rapidly growing and desirable area have people coming from all over the world to call Central Florida home.
You should consider calling Paul to help you with pricing your home and determining what (if any) equity you have. Statistics show 80-85% of homes sell for more money and less time when using a Realtor. He will market your home in various ways to find the right buyer for it. You can then use your net proceeds (if applicable) to go toward purchasing your next home--whether you’re down-sizing, up-sizing, or needing to relocate to a different area. Use Paul's cutting-edge home search and start exploring the available options out there that meet your criteria now.
Or maybe you're wanting to explore using your current home and today's active market by turning it into an investment property? Keep it, flip it into a rental, and move to another place. Let your renters pay one of your mortgages while you double your appreciation!
In this busy, fast-paced world, it’s more critical than ever to have a reliable and results-proven team supporting and guiding you. While it can be challenging and overwhelming at times during the buying and selling process, we are here to ensure you have the confidence you’re making the best choices possible to secure your future home and mortgage.
To us, there is nothing more rewarding than providing a level of service that reaps countless personal referrals. Call or email us today and let's go over your options.
Ashley Robertson | Mortgage Loan Officer | NMLS #1780571 | C. 407-399-8074 | firstname.lastname@example.org
Ashley Robertson is a wife, mom, native Floridian, and an experienced home loan originator for Element Funding, one of the nation's premier mortgage lenders. She provides full service for all of her clients to ensure that the home buying process is as seamless as possible. As a former top-producing real estate agent achieving $350-Million Career Sold with her team, Ashley's knowledge of the local housing market gives her clients the confidence that they are making the best choices possible to secure their future home and mortgage.
Disclaimer: Primary Residential Mortgage, Inc., DBA Element Funding, NMLS #3094. PRMI is an Equal Housing Lender. This is not a commitment to lend. NMLS 1780571. 5401 South Kirkman Road Suite 490 Orlando, FL 32819. 407-367-5570. Florida Office of Financial Regulation MLD646.