Jan 30, 2015

Now IS The Time To Refinance Your Mortgage in Alaska!

With all the speculation on oil prices and the market, one of the smartest things I think you can do is refinance!  If you can refinance and get a lower interest rate and get rid of private mortgage insurance, that's even better!!  In the late 80's a lot of buyers paid mortgage interest rates of 10% or more!  Let's not wait for that to happen (even though I don't think that will happen this year!).

How do you know if a refi is right for you?  Talk to a lender!  A great lender is going to run the numbers of the cost of refinance with the monthly savings it brings to you and counsel you on whether it makes sense for you to refinance!

Rates are so low right now!  Typical 30 year mortgage refinance has been quoted this week at 3.825%.  That can differ depending on your credit and other factors but it's amazingly low and worth looking into!

I love to find my clients amazing properties and negotiate even better deals so when they've owned them for a couple years or more and they've built up some equity along with the appreciation of home prices, sometimes they'll have 20% equity. 
That means that based on the current value, their mortgage is not more than 80% of that value.  For example, a current value of $300,000 on a home, if you owe less than $240,000, you have at least 20% equity!  The great thing about that 20% number, you can get rid of mortgage insurance.  That monthly cost you pay that does nothing to bring down the balance of your mortgage, get rid of it as quickly as possible!  Sometimes you do have to refinance the mortgage completely to get rid of it because your mortgage may have some pretty stringent guidelines on removing mortgage insurance.   Streamline refinance programs your current lender is offering may be quick and easy, but not necessarily the most cost savings overall so check with a local lender about a traditional refinance also and compare the two!


Are you wondering if you have 20% equity but not sure what the current value of your home may be?  Call me at 317-1992 and I will compile a Comparable Market Analysis for you so you can have some confidence that the refinance appraisal will show that you have at least 20% equity.  I do this for free, all you have to do is call me!!  I've completed 3 this week and even if you aren't a past client, I'm more than happy to do this for you!

I've been working with Henri Roos at Residential Mortgage for nearly 10 years!  She's been helping several of my past clients this week refinance their current homes so give her a call at 907-261-7599 or 907-229-64456 or reach her at HenriRoos.com!  This is not a paid post, I just love doing business with her because she does a fantastic job with my clients and friends!

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