Homeowners, if you’re thinking about refinancing your mortgage this year, spring is a great time to get the ball rolling. If you’ve been considering a Danville home refinance for awhile, we know it can seem a little overwhelming. But you may be missing out on significant savings, and it doesn’t hurt to review your options. Locking in a lower interest rate can make a huge difference in the long run.
So, why do we think spring is such a great time for a Danville home refinance? Here are a few reasons…
1. Lower Spring Rates
Though the real estate market is hot in the spring and cool in the winter, data suggests mortgage rates are usually lower in the spring and summer months. With more houses entering the market and people preparing to move, mortgage rates tend to be at their lowest point during this time of the year. What this really means is that spring may be the perfect season for your Danville home refinance. So, keep an eye on dropping mortgage rates, as the pandemic has driven mortgage rates close to record lows.
2. Additional Cash for Home Improvement Projects
What’s better than not having to max out a credit card, or apply for another loan in order to finance your home improvement project? Being able to pay in cash, of course! Although you can take on a big remodel any time of the year, it’s probably best to start in the spring months. The weather is warmer but not yet hot, which makes conditions nicer to work in. So, if you’re dreaming of a chef’s kitchen, or a gorgeous sunroom addition, spring gives you a window of time to finish a remodel.
By refinancing and taking cash out of your house’s equity, you’ll be in great shape to finance the renovation, addition, or any other home improvements you need to make. In addition to getting cash for these projects, you can also lower your monthly mortgage payment. This can give you more financial flexibility in the present and the future.
3. Spring Clean Your Finances
Spring is a time when we deep clean our homes, but there’s no reason not to clean up our finances, too. When everything is in order, we feel less stressed out. Sometimes this stress is in the back of our minds and we’re not even fully aware of how much it’s impacting us on a daily basis. Spring is a great time to get your financial affairs in order. You’re already going to be reviewing things for tax purposes, so why stop there? Taking some extra steps can help you determine if a Danville home refinance is right for your financial situation.
Your Danville Home Refinance
The pandemic has created a great amount of uncertainty over the course of the last year. One final thing to consider is that we may not see rates this low again for a long time. As life begins to return to normal and the economy stabilizes, mortgage rates will likely rise along with it. So, if you’re curious about home refinance, feel free to reach out to Karen Douglas at The Mortgage Genie. She has the experience you need in a broker to help with your Danville home mortgage. Contact her today by calling 925 648 0981, or send a quick email just by clicking this link.