Did you know that mortgage interest rates continue to be very low? You could potentially save a small fortune by refinancing to a lower interest rate soon. If you already have a low interest rate, there may never be a better time to draw out some of your home’s equity. After all, rates may go higher in the next year or two. Keep in mind that home equity could be used to pay off high-interest debt, to make home improvements and to accomplish other goals. While there are benefits associated with refinancing soon, there may be a few things that are holding you back.

High Fees
Any time you apply for a new mortgage, you may have to pay the lender’s fees, an appraisal fee and other related fees. These can be expensive, but you may be able to roll most of them into the new loan. With this in mind, your out-of-pocket expense could be much more affordable than you think.

Plans to Move
If you plan to relocate soon, you may not want to refinance. However, if your move is not imminent, it could still be beneficial to lock in a lower mortgage payment for a few months. Perhaps the equity from a cash-out refinance could help you to more comfortably move forward with your relocation plans.

Confusion
If you have never refinanced your home mortgage, you may be uncertain about what to expect from the process. How does it work? What does it cost? What are the benefits? These are questions that you can clear up by speaking to a loan professional.

Our MortgageDepot lending team is available to help you explore the possibilities available to you. To learn more about refinancing and to request a quote for terms that you qualify for, contact our team today.

Connect with one of our loan consultants to learn more.

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