Rates are low which is great for buyers who want more house without the extra payment OR who want the house without the extra interest. ??♀️ Everyone’s situation is different.
You know who else the rates are low are great for? Current homeowners. Seriously, as a homeowner, you have to stay on top on where you could be saving money. You can refinance your mortgage loan to save money on your principal and interest.
If you purchased a year or many moons ago, check your interest rates. Rates are hovering in the 3% range. This time last year, rates were in the mid 4s and December 2018/early January 2019, rates were in the 5%. What could you do with extra money in your pocket?
Do you have a good amount of equity because you purchased at least 3 years ago? Maybe instead of a rate and term refinance, you consider a cash out refinance? What could you do with X amount of money? Buy that investment property? Rent out your house and buy your next home to start building your portfolio. Pay bills. Etc.
Make it an annual thing to check where you could be saving money. Mortgage rates are low. Check for your savings for BUYERS AND CURRENT homeowners. If you need a list of lenders, send me a DM and I’ll connect you.