Is Now The Time?
I always want to look out for my client’s best interest. And with mortgage rates dropping, you might be wondering—should I refinance? The answer depends on a few key factors, and I want to make sure you have the information you need to make a smart financial decision.
What is Refinancing?
Refinancing simply means replacing your current mortgage with a new one, ideally at a lower interest rate. This can lower your monthly payment, help you pay off your loan faster, or even allow you to tap into your home’s equity for other financial needs.
When Does Refinancing Make Sense?
Here are a few signs it might be a good time for you:
Your interest rate is higher than today’s rates – A lower rate means potential savings.
You plan to stay in your home for a while – The longer you stay, the more you benefit.
You want to shorten your loan term – Moving from a 30-year to a 15-year mortgage can help you build equity faster.
You have high-interest debt – A cash-out refinance can consolidate debt at a lower rate.
You have an FHA loan and want to remove PMI – If your home has gained value, refinancing into a conventional loan could eliminate mortgage insurance.
Here is a specific example that a client recently had and how my won by having a consultation with Chris.
On the left, the client had a 7.5% 30 year fixed rate mortgage. Instead of just lowering the interest rate and monthly savings, there was another option to reduce the term of the loan to 25 years.
The highlighted portion shows the power of this strategy. The client is going to save $126,000 in interest, 5 years in paying the loan AND the monthly payment was $22 less a month.
How to Know if Refinancing is Right for You
Every situation is different, and the best way to find out if refinancing makes sense for you is to talk to a trusted mortgage expert. That’s why I recommend Chris Kinsella with OriginPoint. He takes an educational approach, walking you through your options so you can make the best decision for your financial future.
Let’s See What’s Possible
A free consultation can help you understand if refinancing is a smart move. No pressure—just clear information. If you’d like to explore your options, reply to this email or reach out to Chris directly at CK@OriginPoint.com or 630-564-3272.
With rates on the move, now is the time to check in and see what’s possible. Let’s make sure your mortgage is working for you!
