If you bought your home and feel like your interest rate is a little high, you may be right. If your monthly payment seems a little high, you may be right. We can speculate, but can’t predict the movement of interest rates in the future. We can, however, agree that we are still in a period of low interest rates. It may be time to make sure you have the ideal situation moving forward.
Does seeing that debit come out of your account for your monthly payment remind you of your interest rate? We should sit down and discuss your situation and reevaluate. Refinancing to get a lower interest rate could save you hundreds of dollars. Dollars that could be used for paying off those lingering credit card bills, saving extra money, or getting rid of student debt once and for all. I mean, if your interest rates are higher than the rate on a refinance, why wouldn’t you?
If you entered into a mortgage with less than 20% down, you might still be paying a mortgage insurance premium (MIP). Once this is a part of your mortgage payment, you will need to wait to reach 20% equity in your home to be able to request your lender to remove the premium. However, a lender isn’t required to remove MIP until you reach 22%. A good way to squeeze some extra dollars out of you. How can you beat them at their own game? Refinance and get the MIP removed from your payments. Not only will that stubborn lender lose extra cash, they will most likely lose one of the best customers they have. Let me help you.