Is it Still a Good Time to Refinance?

Many homeowners are finding that it is still a good time to refinance. Interest rates are slowly starting to inch up, but they’re much lower than what many people have on their mortgage loans they’re currently carrying.

Over the past few years, homeowners across the country have refinanced to take advantage of unprecedented low rates. Homewise offers refinance services with an added touch: personal and thoughtful customer service.

We want to help the customer. We want to make sure they’re in the right program that fits their needs. When we receive an inquiry about refinance, we first determine what the person would like to achieve. Most would like to reduce their monthly payment, while others want to take cash out for personal reasons, if they have some equity in the home. Still, others would like to change the term of the loan from a 30-year to a 20-, 15- or even a 10-year loan.

Even if a borrower doesn’t have equity in their home, they have options for refinance.  We have a home affordable refinance program (HARP) available from Fannie Mae that often doesn’t require an appraisal, as long as the current mortgage is owned by Fannie Mae and it originated with Fannie Mae prior to May of 2009. In order to qualify for a HARP, the homeowner needs to have been on time with their mortgage payments for the last 12 months.

There are many advantages to refinancing through Homewise.  It’s nice for people to have someone they can call directly if they have questions regarding their loan. If someone has an issue, they can come right in, and we’ll meet with them one-on-one.