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Chances are you see advertisements all the time encouraging you to “refinance for a lower rate,” and maybe you’ve wondered if it's a good idea for you. 


Should I Refinance?

The truth is (in the current market), the answer to the question “should I refinance my mortgage for a lower rate” is “probably not.” 

That’s right, you read that correctly.  Why would a mortgage company be telling you not to refinance, you might ask? At Liberty First Mortgage we want to be a different kind of mortgage company, and one way we do this is by being as upfront as possible with our clients and giving the same honest advice we’d provide to a friend or family member. 

And the fact is that as of early 2018, interest rates are still relatively close to their historic lows, which means that if you’ve gotten your home loan in the past decade or so, chances are you’ve got a pretty good rate already and the time and cost of refinancing isn’t worth the benefit. 



Times When Refinancing *Might* Make Sense

That said, there are some specific situations where a refinance may benefit you financially, for example:

  • Your current interest rate on your first or second mortgage is > 6%
  • You have an adjustable rate on your first or second mortgage that will be changing soon.
  • You have high interest credit card debt, auto loan or student loan debt and would like to consolidate for a lower rate.
  • You want to take cash out for home improvement to increase the value of your home, or fix an urgent repair issue.
  • You want to take cash out for another major purchase, such as an investment property, tuition, or something else.



Bottom Line

Let’s also dispel the myth that a lender needs to pull your credit report to discuss your options...this is not true.  A credit report is needed once you move to the application/approval phase, but Liberty First loan officers enjoy offering a free consultation to any homeowner interested in just learning a little more about their options. Leverage us, bounce your ideas off of us, whatever you want…we’re here to help.  Contact us today!

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