Now is the time to get with your trusted advisors from Sean Z Mortgage to see how refinancing your home can benefit you in 2021.
You may be thinking that the time to refinance your mortgage in 2020 has passed for the new year. During the pandemic, many homeowners took advantage of the decreased rates that resulted from the economic shifts and variables. Many predict that mortgage rates will continue to stay between 2 and 3 percent for 2021 years.
If you haven’t yet spoken to your mortgage broker or lender, don’t wait any longer. Now is the time to get with your trusted advisors from Sean Z Mortgage to see how refinancing your home can benefit you in 2021.
Whether you refinance your current 30-year mortgage or opt to switch to a 15-year mortgage, saving less than one percent on your current amount can be positive. Here are three reasons to reach out to the qualified team of Sean Z Mortgage in Missouri about your options today:
1. Save money on interest: If you can switch from a 3.6 percent interest rate over 30 years to a 15-year loan at 3 percent — depending on the size of the loan — a homeowner could potentially save hundreds of thousands of dollars in interest in a single swing.
2. Pay off your loan faster: A shorter-term loan can also help you pay off the debt fast. While monthly payments may increase since you’ll be paying for a shorter period of time, this can help you pay the total off sooner and help you put more in the bank afterward.
3. Build up your equity: Equity is built up over the years through principal repayment and price appreciation. This equity remains yours, no matter if you refinance, because it is associated with the value of the home itself, not the mortgage. However, home equity can help to manage your debt better.
You should be aware that depending on the type of loan you have and when you last refinanced, it can impact your rates change. However, if you have a decent credit score and credit history, have at least 20 percent home equity, a low debt-to-income ratio, and a loan-to-value ratio — you may be a prime candidate for refinancing in 2021.
Combined, all of these factors can help to determine your mortgage rate. A few minor adjustments can mean big benefits to your mortgage and pocketbook. Let the experienced mortgage professionals in St. Louis serve you.
Call the SeanZ Team
The Sean Zalmanoff Mortgage Team specializes in making the home purchase or refinance process a great experience.