The wave of the COVID-19 pandemic is unprecedented. It has been affecting businesses across different industries for several months now, and the mortgage industry is no exemption. That is why a person who is planning to do a mortgage refinance, Irving, TX, might be more cautious in accepting any deal, and that is understandable. After all, refinancing a mortgage can be one of the most important decisions one can ever make in life.
To help you decide whether or not it is best to go for a mortgage refinance, Irving, TX, these days, we are sharing some insights from industry experts. We aim to help you come up with an informed decision regarding your refinance goal.
Mortgage rates are at an all-time low
Mortgage experts see a significant increase in refinancing applications, and they attribute it to the all-time low mortgage rates. Note that, currently, mortgage rates are lower than the previous lows seen in late 2012. Thus, refinancing a mortgage could save homeowners some serious amount of money.
An opportunity for homeowners to release equity
Another reason why it could be your best time to refinance is the opportunity to get a cash sum out of it. The equity available in your home might have significantly increased since you bought it, so try to review the numbers to find out. You can use the extra cash that you get for whatever emergency expenses you might have in the time of the pandemic.
Shorter loan duration
If you choose to put cash-out out of the equation, refinancing your mortgage while the interest rates at the lowest can be your best option to choose a shorter-duration loan. It is ideal, most especially if you do not have any trouble with your current monthly payment. A shorter loan duration means getting closer to debt freedom.
Are you looking for the best mortgage refinance, Irving, TX? Talk to an expert from HomePlus today.
Please call us at (512) 949-3385.