Rates are at all time lows once again. So you probably have been receiving a glutton of calls and letters to refinance your home.

What are some reasons to refinance right now?

1) Change from a 30 year to a 15 year fixed – You could save tens of thousands of dollars in interest by doing this. You may be surprised at how little if any the increase in payment may be with these low rates.

2) Refinance from a fixed to an A.R.M – If you know you aren’t going to pay off the loan and are going to sell in the next 5-7 years, why are you in a fixed rate loan? A.R.Ms have protective features to prevent huge spikes even after the fixed period is over. Call to learn  more about this option

3) Refinance out of FHA and into conventional – If you have good credit, and may have 5% equity this should be of serious consideration. Not only can you get out of mortgage insurance but right now you can also drop your rate. The savings here could be huge.

4) Refinance to remodel – You can take out an FHA 203K mortgage and finance in costs of remodeling (kitchens, baths, basements, roofs, additions, structural repairs…) and at all time low rates

5) Complete a VA interest rate reduction loan – This is a great tool for qualified veterans to be able to lower their rate and payment, and at times without an appraisal.

These are only a few of the reasons, but to make sure you make the right decision talk to a lender who will tell you even if it doesn’t make sense to refinance. I am doing this quite a bit with my client database right now. Be an armed consumer, and call 303-779-0591 x101

Ray Williams

Branch Manager

Summit Home Mortgage

303-779-0591 x101