Checked out mortgage rates lately? Today’s mortgage rates are near all-time lows, providing a once-in-a-lifetime opportunity to buy a home or refinance. Here are three ways today’s low mortgage rates can benefit you and your family:
Purchasing a home. Today’s low mortgage rates really help to stretch your home buying budget. And most people don’t need a huge down-payment to buy a home; there are a number of low downpayment home loan programs available to qualified borrowers. You may be able to qualify for a 3% or less downpayment for some conventional loan programs. One of the many benefits of homeownership is that you can take out a fixed-rate home loan that locks you into that low rate for the entire term of the loan. You’re no longer subject to rent increases by your landlord! At PRMI, we have many different home loan options available for first-time, move-up and luxury home buyers.
Refinancing your existing home. If you own a home, make sure you’re not passing up an opportunity to refinance. Refinancing can mean more to you than just a new monthly mortgage payment. It can help you accomplish other financial goals, such as taking out a shorter-term mortgage with the goal of paying your home off earlier or tapping your home equity. Remember, when it comes to refinancing your home loan, you can generally reduce your monthly payment amount; however, total finance charges may be higher over the life of your mortgage loan.
We can help you weigh the pros and cons of refinancing to see whether it makes sense for you. Just call us to get started: (209) 480-3303.
Selling your home and moving up. It’s a great time to sell a home and find one that better suits you or your family’s needs. Selling your existing home and finding your dream home now means you can lock in a super low rate for years to come.
At Primary Residential Mortgage, we have a variety of home loan options. Let us help you find the right one for you and your family.