$372 is the average monthly savings that my clients who have closed on their refi’s so far in March. With higher appraised values, thanks to the hot real estate market driving up home prices, many clients are also eliminating mortgage insurance with their refi.
My clients who have closed this month will also be receiving a check from their current mortgage servicer refunding the balance of their escrow reserve account (property taxes and home owners insurance) a few weeks after closing.
Some of my refi clients did not have an appraisal as they did an FHA streamline refi or a HARP refi. Some took cash out to make improvements on their home.
Mortgage rates are still low enough that it makes sense to contact your local licensed mortgage originator (I can help you if your home is in Washington state) to see if refinancing makes sense.
I help my clients compare their existing mortgage to rates and mortgages that are currently available. This is a free service – rate quotes do not have a fee and your credit does not have to be pulled for a mortgage originator to provide a mortgage rate quote.
I’m happy to review your scenario to see if refinancing pencils out for you on your home located in Washington. Depending on your current payment, if you have mortgage insurance and what your financial plans are, it may or may not… but you won’t know until you check it out. You have nothing to lose and, who knows, you may put more money in your pocket each month.
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