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When Is A Good Time To Refinance?

If you ask a dozen people this question, the unilateral answer you'll receive is 'to get a better interest rate'. Although that is a good reason to refinance, the reality is, that opportunity doesn't present itself much anymore. Rates were incredibly low for a really long time, years actually. But now that the economy has improved rates are slowly but steadily creeping upwards. Does that mean a refinance is not a good thing to do? Absolutely not!

The right question is when is the BEST time to refinance? The answer to that question is totally different and has absolutely nothing to do with the interest rate. It has to do with how much money you can save monthly by completing the refinance.

The BEST time to refinance is when doing so can decrease the amount you pay out monthly for all of your bills. Most of us have car loans, secured installment loans and credit card debt. Typically, these accounts all have higher rates and therefore come with high monthly payments. Even if your credit cards have relatively low rates, that rate is likely a special rate for a fixed period which is going to reset to a very high one once the introductory period is over. Getting rid of these high payment and/or high interest debts will make a huge difference in your monthly budgeting.

I am currently working on a refinance for a former client who purchased her home through me a few years back. The market in this area is very active and as it turns out she has a significant amount of equity in her home now. We are using that equity to pay off several installment loans that have really high monthly payments, and in doing so we're saving her over $1000/month! As you can imagine not having to fork out that $1000 per month is going to be a huge help with their finances!

If you have equity in your home, and most of us do these days, it doesn't make any sense to struggle with high interest rate and high payment monthly debts. Using your already existing equity to pay off and clean up your debts is the only way to go. The feeling of relief you'll have knowing all of your hard to deal with debt is gone forever will do wonders for your piece of mind and overall financial picture!

If you're interested in seeing if a refinance can lighten up your debt load, please contact me. As always consultations are free and better yet if you move forward and close a loan with me you'll receive a $500 credit at closing to be applied to your closing costs!

Contact Wendy 7 days a week for more information:
Phone or Text: 321-504-1175
Email: wendy@aloaninthesun.com
Facebook Messenger: @aloaninthesun

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