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Shattering Popular Refinance Myths
Myth #1
You need to save 1% in rate for refi to make sense
Everyone’s mortgage and goals are different. For some people saving as little as 1/8 of a percent will make sense and save them thousands over the life of their loan. For others the old 1% rule may be true. It is important to review your scenario with a mortgage expert to make sure you aren’t leaving savings on the table.
Myth #2
Refinancing is going to cost a lot or add time and money to my loan amount
There are several ways to structure your refinance to maximize your benefit without adding time or dollars to your loan. Have 27 years left on your current loan? We can refinance you into a 27 year fixed at a lower rate. Many clients are shocked to see how they can refinance to a lower rate and their out of pocket costs are no different than if they continued making their current mortgage payments at the higher rate.
Myth #3
I just purchased or refinanced last year I shouldn’t refinance (again) yet
Again, every scenario is different but with how far rates have dropped since last year there is likely value in having your current mortgage reviewed. Whether or not you should refinance does not lie in the amount of time since you started the current loan l, but rather if the benefit of the current market rates helps you achieve your goals.
Shattering Popular Refinance Myths
Myth #1
You need to save 1% in rate for refi to make sense
Everyone’s mortgage and goals are different. For some people saving as little as 1/8 of a percent will make sense and save them thousands over the life of their loan. For others the old 1% rule may be true. It is important to review your scenario with a mortgage expert to make sure you aren’t leaving savings on the table.
Myth #2
Myth #3
I just purchased or refinanced last year I shouldn’t refinance (again) yet
Again, every scenario is different but with how far rates have dropped since last year there is likely value in having your current mortgage reviewed. Whether or not you should refinance does not lie in the amount of time since you started the current loan l, but rather if the benefit of the current market rates helps you achieve your goals.
NMLS: #279051
BRE: #01864354
This Licensee is performing acts for which a real estate license is required Capitol City Real Estate Inc, DBA United Wholesale Lending - Shelby Elias is licensed by the Bureau of Real Estate. NMLS #279051 and BRE# 01864354 Loan Approval is not guaranteed and is subject to lender review of information. Loan is only Approved when the lender has issued an approval in writing. Specified rates are subject to change with market conditions. UWL - Shelby Elias is an Equal Opportunity Mortgage Broker. UWL Shelby Elias is approved to originate VA and FHA loans, and has the ability to broker FHA and VA loans to approved lenders. UWL - Shelby Elias is not acting on behalf of or at the direction of HUD/ FHA or VA. The Services referred to herein are not available outside California21
Copyright 2021 Capitol City Real Estate - Shelby Elias . All rights reserved. (209) 456-4896
