The big question on everyone’s minds right now is – IF I wait to refinance, can I get an EVEN LOWER rate? And the answer is – maybe – but you could also get a higher rate. While it’s possible we may see rates come down to 4.5% over the next couple months, we may also see them plateau right about where they’ve been – hovering right around 5% or a tiny bit lower – or even start climbing again to the mid 5s. If it makes sense for you to refinance at 5% – i.e. you save enough that the cost of the refinance is recouped within 12 – 18 months, then I would recommend at least getting your refinance in process. Then you can take advantage of the amazing low rates we already have and if rates dip even further between now and when you want to close, even better!
Like with the stock market – and we’ve seen what can happen there! – finding bottom is impossible! We don’t know we’re there until it’s passed us by. So if it makes sense for you to take advantage of some of the lowest rates in history, I would recommend getting in touch with your lender as soon as possible to ensure you don’t miss the opportunity!
Liana Pomeroy is a Certified Mortgage Planning Specialist™ with Cherry Creek Mortgage and part of the HomeWISE Team at Cherry Creek. The focus of The HomeWISE Team is to help our clients build and maintain their Wealth through Real Estate and to provide Investment Strategies and Education for the Mortgage industry. Contact Liana today at 303-601-5197 or visit www.DenverHomeWise.com.
