It’s no secret. Interest rates are rising. The insanely low interest rates we were shouting about in 2015 and 2016 are probably gone, at least for the foreseeable future.
But don’t let that fact trick you into thinking there aren’t still good rates to be had. We’re still seeing incredibly low rates. By refinancing, you could take advantage of them.
Discover why you should refinance in 2017:
Rates are Still Climbing
While rates are still currently low, the climb has started. And, it’s predicted to continue. If you want the opportunity to secure a lower interest rate, reduce your monthly payment, and save on the overall cost of your loan, now is the time to refinance.
Your Home is Most Likely Worth More Now
Home values, especially in the Seattle area, have been on a steady rise. This is especially true as the balance between inventory and prospective buyers becomes further and further unbalanced.
This means, you will be more likely to get a high appraisal value for your home. If you didn’t make a 20% down payment, your home’s value may increased enough that you have now built up 20% of the equity. This means refinancing will give you the ability to drop your Private Mortgage Insurance (PMI) – saving you substantially each month.
You Might Be in a Better Position Financially
The average US salary continues to increase in 2017. Meaning you may be making more today than you were last year. Increased income allows you to pay off debt on time, effectively increasing your credit score. And, it can help you lower your debt-to-income (DTI) ratio. Both of these factors can make you a more attractive borrower.
Are you ready to start exploring your refinancing options? Talk to one of our loan officers today.
