Last month I sent out an email letting you know that interest rates on a 30-year mortgage were available below 3%, and the interest rate available on a 15-year mortgage was available below 2.5%. While I want you to know interest rates are still low, this month I want to show you how easy our team makes it to refinance.
I had a client respond to last month’s email asking if it made sense to refinance. I ran the numbers for him and was able to lock in a rate of 2.875%, saving him $175 / month. Additionally, since property values in Illinois have appreciated a great deal over the past year, my client would no longer need to make a PMI payment.
What were the steps he took to refinance? He started by responding to my email. Since my team had most of his past documents on file, there were very few new forms needed to get the loan done. My client was able to securely send updates electronically, and we set up a closing date 30 days after he initially contacted me.
In case you didn't know, when you refinance there are a number of interesting options available to you. You add the first two months’ payments to the mortgage balance, meaning you could refinance in September and not make a payment until December. Since interest rates are so low, it is possible to do this while also lowering your monthly payments.
If you have any questions about refinancing, please do not hesitate to reach out to me. My team and I are here to help you every step of the way. Our goal is to help you make the best financial decisions for you and your family.
As always, thanks for trusting me with your business.
Ryan