Is Refinancing the Right Thing for You and Your Family?

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Hello, and welcome back! Today's topic is whether it's possible to refinance to get a lower payment, and how you can go about doing it if you are eligible!

The first thing you need to do is take a look at what your current interest rate is. According to Seafirst Financial (our preferred lender), rates are around 3.675%. If your current rate is higher than 4.5%, you're probably leaving a lot of money on the table by not refinancing. 

Although it may seem like the right decision, not everyone can refinance. The first thing you need is 80% loan to value; in other words, the loan you get has to be 80% of the value of your home. If you're wondering what your home value is, check out the home value links above to get a general idea of how much your home is worth. If you're on the borderline in loan to value, give us a call and we'll help you figure it out.

You want to avoid private mortgage insurance and spending a lot of money to refinance. However, it will be more than worth it if you're able to lock in a significantly lower rate. With rates slated to rise in the coming year, now is the time to lock in a great low rate and lower monthly payments!

If you have any questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you! 

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