Wisconsin Rapids mortgage rates are the lowest they’ve been in years. Is your current mortgage payment to high or will your mortgage payment be adjusting to a higher rate soon?
Now that Wisconsin Rapids mortgage rates are the lowest they’ve been in years refinancing your Wisconsin Rapids home may be in your best interest.
The US Government has made it clear that they will do what they can to keep our economy moving forwards (or attempt to get it moving forwards…) — and keeping mortgage rates low is a key ingredient.
If you’re a Wisconsin Rapids homeowner locked into a higher adjustable rate mortgage or even a conventional fixed-rate mortgage this may be your best opportunity to refinance into a lower rate.
Refinancing your mortgage involves paying off your old mortgage with the proceeds from your new mortgage.
Why Refinance Your Wisconsin Rapids Home Loan?
Wisconsin Rapids home owners refinance their home for many reasons. Many want to use equity to pay expenses including credit cards, college expenses, home repairs etc. Another popular tactic is to simply keep the equity in your home which will lower your new mortgage payment.
Another reason to refinance is to improve the terms of your current loan. Change your 15 year mortgage loan into a 30 year home loan or vice-versa.
When is refinancing in your best interest?
- Any time you can lower your interest rate by more than 1% your mortgage is an excellent candidate to be refinanced. Over time you’ll likely come out ahead.
- In order to receive the lowest rates many lenders will require you have at least 20% equity in your home.
- You don’t need a jumbo loan. Rates haven’t come down much for loans greater than $417,000 so refinancing isn’t in your best interest.
Your next step is to contact your mortgage lender today to lock in your better rate.
PHONE: (715) 572-8372
My name is Adam Holberg and I’m a Realtor with First Weber of Wisconsin Rapids. This website is designed to inform and help bring conversation to a topic I love, real estate.