If you are in a mortgage with a higher interest rate, now is the time to refinance! The average interest rate nationally on mortgages is now 5.69%. While there are many factors involved that figure into the interest rate for which you qualify (credit score, size of mortgage, etc), interest rates are now the lowest they have been in about two years. Whether you are currently in an adjustable rate mortgage that has adjusted to a high rate or are in a higher fixed-rate mortgage, you might consider refinancing at these current lower rates. Depending on how much equity you have in your home, the costs associated with refinancing can even be rolled into your mortgage so that you have no out-of-pocket expenses associated with refinancing. And if you have sufficient equity in your home, a second mortgage or balances on high-interest credit cards can be paid off in your refinance. It’s definitely time to take advantage of these great rates. Call or email me today to set the ball in motion to lower your monthly payments by refinancing your mortgage!

Have a great week!

Chris Hyde
Mortgage Consultant