Your Lake of the Ozarks Mortgage Lender: Reasons to Refinance

Wednesday, October 23, 2019

Reasons to Refinance

We’ve been covering the benefits of getting a home loan at the Lake of the Ozarks right now because rates are near a three-year low! However, refinancing your current home can be just as important as getting a new loan when you see that the rates are low. Team Lasson can help you with a refinance loan anywhere in the United States. Here are a few reasons to refinance right now while the interest rates are doing so well.

#1. Interest Rates

This is primarily the first reason to refinance a home and plays a huge role in why NOW is the time to refinance. Just reducing your interest rate by 1% can save you hundreds of dollars a month on your mortgage payment, but it can also save you thousands of dollars over the life of your home loan in interest.

#2. Home Equity

Another reason to refinance your home loan is because you have seen the equity in your home increase. The average equity across mortgaged properties is 32.8%. This number is well above the amount needed to make refinancing a wise money-saving option.

#3. Getting Rid of Private Mortgage Insurance (PMI)

PMI can get extremely expensive, and in some cases, it can add over $100 to your monthly mortgage payment. As long as you have at least 20% equity in your home, refinancing can be a quick and easy way to get rid of PMI as well as most likely get a lower rate and save even more money on your monthly payment.

#4. Tackle Home Improvement Projects

Do you have a home improvement project that you want to get started on or some other large expense you have been delaying? If you have enough equity in your home you could do a cash-out refinance and get the cash you need.

Refinancing a Home at the Lake of the Ozarks

There are so many reasons to consider refinancing your home, but you don’t need to become overwhelmed by it. If you have considered refinancing your home, start the process with us! We can help you evaluate the details, the benefits, or even the disadvantages if there are any. You can visit our website (www.YourLakeLoan.com) to start the refinancing process.

Start by filling out an application on our website. This pre-approval will help get the mortgage process started, whether you are getting a brand new home loan, or you are refinancing a current property. Team Lasson looks forward to assisting you in this new part of your home-owning journey!

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