The Rutherford County housing market continued to slow in August, following a similar path to July. Higher mortgage rates, growing inventory, and softer buyer activity are creating a market that
CONSIDER THIS: WHEN TO REFINANCE
Dated: January 10 2019
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- Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
- Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
- Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
- Switching from an adjustable rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.
- Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.
Rob Janson
Rob Janson grew up in real estate, with his family owning a successful independent brokerage in Bristol, Tennessee. Rob moved to Murfreesboro in 1997 to attend Middle Tennessee State University. After....
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