Why NOW is the Time to Refinance Your Home

If you've been thinking about refinancing your home, now is the time to do it. Whether you're looking for a better rate or you want to shorten the length of your loan, refinancing now might be the right move. In today's blog, your Lake of the Ozarks mortgage lender discusses why NOW is the time to refinance your home at the Lake of the Ozarks.

Low Interest Rates

Interest rates currently remain in historically low territory. Consumer inflation has remained tame over the past few months, and tame inflation tends to be good news for Lake of the Ozarks home loan rates since they are tied to mortgage bonds. Inflation is also one of the many economic factors the Federal Open Market Committee (FOMC) considers when setting monetary policy. July's meeting notes didn't provide a clear signal regarding when the Fed may next change the Fed Funds Rate. This is the rate banks use to lend money to one another overnight. The September meeting provides the next opportunity for the Fed to consider an adjustment. An increase in the Fed Funds Rate could negatively affect home loan rates, so this is something to keep an eye on. One of the main reasons people choose to refinance their home is to get a better rate. With the possibility of an increased Fed Funds Rate, now is the time to talk to the best mortgage lender at the Lake of the Ozarks about refinancing your home before interest rates start rising.  

Changing Loan Terms

Historically low interest rates have enticed more homeowners to refinance in order to shorten their loan term. Depending on the rate you had before and what you can secure now, homeowners could possibly cut the loan term in half without a huge jump in monthly payments. In addition to the term length, you need to consider other factors affecting your loan. Do you have an adjustable-rate mortgage? If so, you may want to consider refinancing to a fixed rate, as interest rates could start rising in the near future. They've remained at historic lows for a while now, and there's no telling exactly what the Fed Funds Rate will do and how mortgage rates could be affected in the near future.

Refinancing may not be the right move for everyone, and talking to a mortgage professional is the first step. When it comes to your Lake of the Ozarks home financing needs, Lakelender Lasson is committed to working with you every step of the way. I'll discuss your options, offer competitive interest rates and back it up with the first class service you deserve!

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Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.