2020 Rates Hit Lowest in History
With interest rates this low, you may save a significant amount of money, every month, for the life of your Austin mortgage if you refinance today.
#1 Reduce Your Interest Rate
By lowering your interest rate, you can significantly reduce the amount of interest you pay over time. That means every month, you will pay more money towards the principal and less towards interest. Thus, you can pay off your mortgage faster.
#2 Change Your Mortgage Term
Another smart move can be to change your mortgage from a 30-year mortgage term to a 15 or 10-year mortgage term. Sometimes, doing so can slightly increase your monthly mortgage payment, however, you will be done paying your mortgage in less time. Moreover, with Austin mortgage rates as low as they are, many homeowners are able to move from a high interest rate with a 30-year term to a record-setting low Austin mortgage rate with a 15 or 10-year term and their payment does NOT necessarily increase.
#3 Change from ARM to Fixed Rate Austin Mortgage
If you are still in an adjustable-rate Austin mortgage, it can be fiscally beneficial to move from an Austin mortgage rate subject to change into an Austin mortgage rate securely fixed at these historically low levels.
#4 Cash in on Your Home’s Equity
For many homeowners who have achieved qualifying equity over the years, refinancing their Austin mortgage can give them the opportunity to pull cash out. Often, pulling cash out can give you the opportunity to remodel or do home repairs you may want!
#5 Debt Consolidation
Refinancing and capitalizing on your home’s equity may allow homeowners cash to consolidate debt.