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Is it the right time to refinance?

Interest rates have been changing the last few years. We have been living in an Inflation environment and have seen all prices go up significantly. An impact for sure seen in the housing market. As we look ahead into the second half of 2024 and into 2025, the economic outlook seems to be pointing in the direction of lower interest rates.

How does it Affect me?

Lower interest rates mean lower mortgage rates. Refinancing your home at a lower rate can decrease your monthly payment so you pay less over the life of the loan while increasing the rate in which you build equity in your home. Refinancing your home could save you money, both in the long and short term. Even small differences in mortgage rates can have a big impact on your monthly payment.  If mortgage rates are lower than when you closed on your mortgage or equity line, refinancing could reduce your monthly payment and total amount of interest you pay over the life of the loan. 

Should I Have a plan?

If you feel like refinancing could improve your financial situation, we can help connect you to someone to discuss refinancing options that fit your financial goals. As always it is important to educate yourself to learn all your options. 

If you would like to learn more about refinancing, or would like to schedule a consultation, we can help connect you with someone to help.