6 Reasons You Should Look Into Refinancing
Have you ever asked yourself if you should refinance even If the rates are increasing? Well here are 6 reasons you should look into refinancing even if the rates are increasing.
If property values are increasing at an alarming rate in Utah. What that means for you is your current home value has increased a ton. By refinancing you may have access to lower rates and lower payments. Each time you reach a lower Loan to Value you have discounts towards your interest rate. Going from 80% loan to value to 60% loan to value could make a big difference! Let's look at your Loan to Value!
If you purchased a home 6 months to two years ago. If you only were able to put the minimum down to move in to your home, your value may have increased enough to get rid of your mortgage insurance!! So instead of having to come up with 20% of a down payment, you can take advantage of your smart investment and the equity that has grown in this market.
If you want to upgrade but there are no homes available in your price range. You can refinance with a cash out option and make all those improvements on your current home and really make it your dream home.
If you are thinking of taking advantage of the market and Investments but don't have the cash needed to participate. You can do a cash out refinance and invest in the real estate market (surprisingly this market is amazing for flips, the biggest risk for flips is holding on to a property too long, in this market you will definitely have no problem selling a renovated home.) If you want to talk about this, I have an expert that can point you in the right direction.
If you have a lot of debt, whether it be from school loans, surviving covid, or shopping sprees. You can do a cash out refinance and use that cash to pay off your debt! You could save hundreds of dollars in monthly payments by consolidating it all together.
If you want to save money!
