Summer Refi Update

Preparation is Key

People are still talking about rates, and the facts show that the real estate market is holding steady for the near future. That means now’s a great time to focus on preparation for future changes in a positive direction. If you currently have a mortgage, and rates drop more than 1% below your existing rate, you could be a great candidate for a refinance. With our Bounce Back program, you could also be eligible to refinance without our usual lender fees (valued at $1,495) and up to $725 towards your appraisal.

So, what can you do in the meantime?

• Take steps to maintain your good credit. Pay down other debts and continue to make on-time payments all around. Only make major purchases using credit as needed. Maintain balances at less than 25% the credit limit for revolving accounts.
• Hold onto that 9-to-5. If you’re considering a significant life change like starting your own business, that’s great! You may have to wait 1-2 years to qualify for mortgage financing. Reach out to one of our loan officers to discuss your upcoming income changes.
• Already self-employed? Keep paying your taxes and maintaining organized financial records.

If you’re curious about how things could look in a different market landscape, check out this refinance calculator. Plug in the numbers for your current and potential future loan to see which rates and payment structures will best suit your situation.

Have specific questions or want to run a few scenarios? Contact your Primis Mortgage loan officer or find near you.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.