As we all know, refinancing your home can be a crucial financial decision that can have a substantial impact on your monetary well-being. With the current interest rates lodged around the high 6% mark, many homeowners based in Charlotte, NC, and beyond, might be questioning, “Is now the right time to refinance?” At LendScout, we are here to guide you through this complex terrain.
Refinancing may not be the most sensible option if the interest rates aren’t significantly lower than what you are currently paying. As a general rule, you would ideally want to chip off a full 1% from your interest rate before considering refinancing. The size of your loan also plays a crucial role in this decision.
Another essential factor is your long-term homeownership plan. If you intend to sell the house before you break even on the costs of refinancing, it might not be worth the expenditure.
In some cases, homeowners opt for refinancing to tap into their home equity, which might have increased due to rising home values. Refinancing can provide a beneficial opportunity to consolidate debt or pay off various loans.
Amid all this, it’s vital not to fall prey to misleading ads. Some lenders publicize ‘no closing costs’ or ‘free refinances,’ but remember, everything has a price. At LendScout, we believe in transparency and promise to offer attractive lender credits.
Remember, everyone’s situation is unique, and refinancing isn’t a one-size-fits-all solution. Please reach out to us at LendScout if you have any questions, or if you think the time might be ripe for you to refinance. Your financial security is our priority!
“Whether you’re a first-time homebuyer or experienced homeowner, our team is committed to making your home ownership journey stress-free and easy for you.”
A Home Mortgage Lender located locally in Charlotte known for it’s customer satisfaction and efficiency.
Serving Charlotte, Cornelius, Huntersville, Matthews, Pineville, Fort Mill, Tega Cay, Rock Hill and surrounding areas with all their Home Loans, Home Refinance, Home Purchase, and Mortgage needs.