We can all agree that mortgage loan rates are low. They may not be as low as they were last year but compared to years ago when you originally bought your home, the rates are most likely lower. So even though the record-low rate drop that happened during the pandemic has passed, there are still great benefits to refinancing your home.
In addition to reducing your term, rate, or monthly payment, you can use the value of your home in its own way. The value of your home has likely increased over the years, so now is a great time to use it to your advantage.
Put the equity in your home to work and do some renovations. No need to take out a second loan on your property, like a Home Equity, just refinance and utilize the “cash out” feature to complete the bigger projects on your to-do list. With a low, fixed interest rate on your mortgage, the extra cash can be used to build an addition, remodel a kitchen or bathroom, or finish your basement – just to name a few options – and will be included in your mortgage payment that is tailored to your budget.
Loan officers and the mortgage team at NEFCU can help you build the best plan to make your home’s value work for you and are ready to get the next phase of your homeownership goals moving. Call us at 866.80.LOANS or apply online at nefcu.com.