Is It Time to Refi?

In this week's 5-Point-5, we'll answer is it time to refinance your mortgage.

With rates trending down, many who purchased homes recently are starting to wonder if refinancing would lower their monthly payment.

1st point: Special rates

For a limited time, we have access to special rates that are about 3/8% lower than our usual rates. On a $300k loan, that would lower your monthly payment by about $75.

2nd point: Eliminate mortgage insurance

If your mortgage payment includes mortgage insurance, refinancing may allow you to eliminate it.

3rd point: Waive escrows for taxes and insurance

If you have as little as 5% equity in your home, you may choose to pay the property taxes and insurance yourself rather than include them in your mortgage payment.

4th point: Shorten your loan term

If you're comfortable with your current payment, did you know that a half percent lower rate might allow you to shave 5 years off your loan term, so you build home equity more quickly.

Last point: It's got to make sense

Anyone who claims they can refinance you at no cost is bending the truth. Refinancing has a cost even if that cost is hidden in the new loan.