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.
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon