Refinancing a mortgage sometimes is and sometimes is not a good idea; it depends largely on the distance between the homeowner’s current mortgage rate and the actual, real-world rates that have become available. Today, with mortgage rates close to an all-time low, mortgage experts agree that the opportunity is right for borrowers to think seriously about the refinancing process. In a new statement to the press, Guaranteed Rate Senior Vice President Paul Hirschauer urges homeowners to not let these low mortgage rates pass them by.
“If you have been thinking about possibly refinancing your home, it may be prudent to do so sooner rather than later,” Hirschauer says. “Interest rates are so low that, for many homeowners, refinancing will prove worthwhile—but of course, those rates won’t be so low forever.”
Hirschauer is hardly alone in advocating for refinancing. In fact, many homeowners across the country have been doing just that, leading to what one news report calls a “wave” of refinancing. “Mortgage interest rates have remained low for so long, lenders and borrowers alike have been expecting rates would only creep higher,” the report says. “Instead, they’ve tested record lows. Since Britain’s vote last month to exit the European Union rattled financial markets, average long-term mortgage rates have dipped tantalizingly close to their all-time low of 3.31 percent set in November 2012.”
According to Hirschauer, the refinancing process is something to consider, but not something to take lightly. “Certainly, this is something to discuss in detail with a mortgage professional,” he notes. “The refinancing process can lead to lower monthly payments or in some cases even shorten the term of your loan; however, borrowers will also have to pay some closing costs up front, which is a factor to seriously weigh as you make your decision.”
For those homeowners willing to make these careful calculations, however, Hirschauer says the time to act is now. “More likely than not, these low rates will hold throughout the summer, but I do not foresee them dipping much lower than where they are right now,” he advises.
Hirschauer and his Guaranteed Rate team are based in Connecticut, but can assist in the refinancing process for borrowers across the country.
More information about Paul Hirschauer and his services can be found online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer
Paul Hirschauer is a Senior Vice President of Mortgage Lending with Guaranteed Rate; based in Connecticut, Hirschauer is passionate about making his clients’ dreams of homeownership come true. He is one of the top 1 percent of loan originators in the country.
More information about Hirschauer and his services is available online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer