We know you’ve heard this a lot this year, but now REALLY is the time to think about refinancing your home. It’s not just homes in the Corvallis and Albany area, but all around the nation, homeowners have been refinancing in record numbers. “The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 slipped to 3.01% from 3.05%, while points decreased to 0.37 from 0.52 for loans with a 20% down payment,” according to CNBC.
These low rates have led to a 50% jump in refinancing applications in mid-October, compared to this period last year. What does this mean for homeowners in the Willamette Valley area? Refinancing your mortgage now and locking in low rates (which could rise at any time) will lower your payments and potentially free up your capital to use or invest in other ways.
Do you have questions about refinancing your Oregon home? If so, you should contact your mortgage broker and ask what they can do for you. Keep in mind there can be some fees associated, so you need to make sure the math really does add up.
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*Information above is deeded reliable, but is not a guarantee of your actual results.
We’re also here to help answer any questions you may have, and can point you in the direction of a wide array of trusted local mortgage professionals if needed. At The Sue Long Realty Group, we have decades of experience helping local families find and afford their dream Corvallis, Albany, or Philomath-area home. We want to help you build your net worth and refinancing, if you are planning on staying in your present home, is a great place to start!