Are you a homeowner in need of a fast refinance? If you are, you are in luck!
Today’s mortgage rates are still relatively low and if you were dreading the months-long process of a refinance, there is good news. The refinancing market has slowed, meaning lenders are closing at faster rates.
Today’s homeowners are finding fewer excuses and more value in refinancing. Due to the slowing market, lenders are willing to negotiate, meaning lower rates, lower costs, and higher value.
There has been no better time to refinance than there is now.
Benefits to refinancing:
- Lower your monthly payments
- Builds equity faster
- Change the loan program type
- Manage your credit score
- Pay off your mortgage sooner
“Days to refinance” have dropped to 47 days
Today’s refinance mortgage rates are helping homeowners close their refinances faster. Through most of 2015 and 2016, rates have been at historical lows. This caused a mini-boom in the refinance market, which sent lenders scrambling. This also caused the days to close to jump to over 50 days, which has not been this long since 2012. But rates rose slightly in 2017, which is good news to those who are looking to refinance because that also means faster closing times, which can compensate for the slightly higher rates.
With the average refinance now requiring 47 days, today’s refinancing homeowners have a decent shot at 45-day lock pricing. They could even score a 30-day lock if they delay their lock-in a week or two after they apply.
There has been no better time than now to refinance your home. If you have any questions, concerns, or if refinancing is right for you, call Babak, the Mortgage Guy at 562.508.4004.