If the recent drop in mortgage rates has you thinking about buying a new home or refinancing your current home, there’s more to consider than the numbers.
If you are not sure it’s the right move for you, check things out with an American Federal Banker.
An American Federal Banker can get you pre-approved up front to see where you stand, whether you are looking to buy today or a year from now.
Just because lower rates are available, it does not mean you should accelerate your timetable to purchase a home or refinance a mortgage.
To start, it’s important to analyze your long-term goals when it comes to home ownership. Where do you want to live or send your kids to school? If you’re thinking about refinancing, how long do you plan to stay in your home, and how much could you save if you refinance now.
An American Federal Banker will help you understand your options, how much you can afford, how much you will need for a down payment and what a monthly payment might look like.
When it comes to whether you should refinance your current mortgage, consider the half-point rule, which means the new rate is at least 0.5 point lower than your current rate.
Refinancing can allow you to pull out cash to do things like pay off higher interest debt, such as credit cards, fund a family event, such as a wedding or college, or complete a home improvement project.
The Online Mortgage Loan Center has some great calculators available under the Resource section. For example,
- How much can I save with a 15-year mortgage?
- Does it make sense to pay points to get a lower interest rate?
- Should I buy a home or continue to rent?
- How quickly can I pay off my mortgage by making additional payments?
At American Federal, our Bankers make it simple when it comes to helping you purchase a home, lake place or condo or refinance a mortgage.
You will enjoy:
- A single point of contact – your local American Federal Banker
- Secure electronic transmission of documents
- Local servicing and support for all your questions, whether you are getting pre-approved, purchasing, or making mortgage payments
- Online and Mobile Application options or speak with your local American Federal Banker
Get started today.