Interests rates have dropped again- YAY! What does that mean for you?
If you are a home owner, it means that you can now refinance your home to get out of an adjustable rate mortgage (or just lower your interest rate), you can take cash out of your home for home improvements, or even sell your home to move up to a better house.
BUT- a word of caution- there are ALWAYS costs associated with refinancing. You will either pay a fee or your interest rate will go up to pay for the refinancing fees.
As a home buyer, you now have more purchasing power. Interest rates in December 2018 were 5%- we have dropped all the way down to 3.8%. In fact, you can now spend about $20,000 more on a home and have the same monthly payment as last month. So, if you considered a $200,000 home last month, you could now buy a $220,000 home and be paying the same monthly payment!
If you want to know specifically how this drop could affect your personal situation, feel free to contact me with any questions by emailing me at beccasummers@kw.com!
