We all keep hearing the words “rates are low.”
Yes, they are low and values have and are still going up as you read this. These rates won’t last forever and it may be time for you to refinance to have your monthly mortgage insurance removed from your monthly mortgage payment.
Typically, most loans require that you keep the monthly mortgage insurance for a minimum of five to six years depending on your current loan program. Refinancing your mortgage now may allow you to remove the mortgage insurance from your payment completely.
In addition, you may lower your interest rate at the same time.
Even if you only lower your current interest rate slightly, it may still be advantageous to refinance just to remove the monthly mortgage insurance from your payment.
The key here is your home value. Some areas of Arizona have seen over a 20 percent value increase over the last year. You may be surprised what your current home value is, considering all the bad housing news we have gotten used to hearing over the last couple of years.
How do I find out what my home is worth, you ask? Your loan officer can help you research your value with the assistance of a realtor by researching what the homes have been selling in your neighborhood and determining and average price per square foot.
Using Zillow.com and other value sites is not the most accurate source, so turn to the experts for assistance.
- 7 common ways to get sued by your employees
- Why it might be time to upgrade your toilet
- Arizona teachers are building a better future by using technology in the classroom
- How to make summer reading fun for the whole family
- How to find relief for chronic joint pain
- Can the NBA Lottery save the Suns?
- Skip Urgent Care: 5 ailments you can treat with telemedicine
- Skin Cancer in Arizona: Stats, facts and new immunotherapy drugs making strides
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments