Interest rates are extremely low in our current market, which means now is a great time for homeowners to refinance. According to Jeff Martin of Fiber Mortgage, my guest in today’s video, there are four main benefits to doing this.
First of all, you can lower your monthly mortgage payments.
Second, you can decrease the term of your mortgage. Jeff, for example, has owned his home for two years, and he was able to shave eight years off his mortgage when he recently refinanced.
Also, since most homeowners use an escrow account for their monthly tax and insurance payments, refinancing allows you to get a rebate on your current escrow balance, which can amount to upwards of a couple thousand dollars.
Lastly, it gives you a longer period of time to make your next mortgage payment.
If you have any more questions for Jeff about the benefits of refinancing, you can give him a call at (904) 878-2488.
As always, if you have any other real estate questions for me, don’t hesitate to call or email me. I’d be happy to help you.