Hi everyone, I’m Jim Ryan with Team Get It Done. So “Why Refi Now?” Couple reasons:

Rates are super low right now compared to what they’ve been over the last couple of years. So if you have a rate of 4% or higher, it may make sense to refinance right now. It depends if you want to save money monthly or save money in interest over the course of the term of the loan. 

Also, if you are currently paying PMI, there’s a high likelihood that if you bought one or two years ago, that you can actually remove PMI, depending on the area or market that you are in. 

If you have an FHA loan, mortgage insurance never goes away on an FHA loan. So if you can refinance out of it into a conventional loan, even if you do pay mortgage insurance it will eventually go away, whereas it never goes away with an FHA loan.

Another option is to take cash out to consolidate debt or do a remodel project or whatever it is that you’re looking to do. A lot of times people have been waiting a long time! We can actually use the equity that’s currently in your home, but not open a Home Equity Line of Credit (HELOC). We can put on a low interest rate on a 30-year fixed rate loan to help keep the cost monthly down. 

Also, reminder, you skip two monthly payments! AND you get your full escrow account back. A lot of times we have people show up to the closing with either a payment or less, or a lot of times it’s no money at all. 

It’s worth checking out! If you think there’s a possibility you could save any money at all, it takes literally 10-20 minutes to fill out an application and find out if you do. Just hit “Apply

Thanks for watching!