THE WAVE F L O R I D A C R E D I T U N I O N M A Y 2 0 2 1 If you’ve been keeping up with the housing market you probably already know that home loan rates dropped yet again, closing out the month of April with historically low rates. Many Americans are finding that it’s the perfect time to refinance while rates are much lower than they were when they bought their homes. While getting a better rate and saving money in interest over the life of your loan is reason enough to refinance, there are a few other benefits: Lower Your Payment When it comes to refinancing, most homeowners are primarily interested in lowering their monthly payment. The good news is, if you’ve been paying on your loan for a little while and can lock in a great rate while they’re low, you should be able to secure a lower monthly payment. Change Your Term Sometimes, borrowers are simply hoping to become debt-free sooner. In that case, refinancing a loan from a 30-year to a 15-year term could mean you become debt-free 15 years sooner, while only minimally affecting your monthly payments. Cash Out to Cash In If your home has increased in value, then you may have a good bit of equity stored up, meaning refinancing could give you access to cash or credit. Depending on your financial situation, the equity you’ve established may be put to better use elsewhere. Cashing out on equity could help you consolidate debt and pay off credit cards, or maybe you’d like to reinvest the money back into your home with a summer renovation project. Whatever your questions on mortgages and financing, we have answers! Our mortgage team is ready to help. Reach us by phone at 352-264-2649 or visit us in-person at any of our 11 branches. Ready To Refi While Rates Are Low?