Refinancing Idea List
3 Things To Consider When Refinancing
November 30, 2016
Small Home
Protect Yourself From Rising Mortgage Rates
December 5, 2016
Calculator and Expense Sheet

Mortgage rates are extremely low right now, with some borrowers able to drop their rates into the 2’s and refinancers saving thousands of dollars off of their mortgages.  Here are 5 great reasons to refinance today, before these low rates disappear.

Refinance Reason No. 1: Cut Up Your Credit Cards

Look at it this way. Your credit card’s interest rate is probably in double digits.  Your home’s interest rate is likely going to be under 4% if you refinance soon.  If you have equity built into your home from making payments and the steadily increasing value of your home, you can use a Cash Out Refinance to consolidate your credit card debts under your mortgage.  This lets you pay off the money you owe at a lower interest rate.  You can save hundreds of dollars and make one monthly payment instead of just paying off the minimums on your card every month.

Refinance Reason No. 2: You Want To Retire Eventually, Right?

You can actually use the proceeds from a refinance to make contributions towards your 401k, which are tax-free.  If your employer matches your contributions, you’re living high and can start to make real headway towards your retirement.  It can also help lower your tax bill, because your 401k is deducted from your paycheck before taxes, lowering your taxable income.

Refinance Reason No. 3: Your Arm Needs to be Flexed

An ARM, or Adjustable Rate Mortgage, is a risky proposition.  It takes the largest payment you’ll make every month and gambles on the amount.  The rate adjusts according to the market.  While it’s terrific to have during times like today, when rates are rock-bottom, locking in these super-low rates is far more cost-effective over the long run.  After all, mortgage rates won’t stay this low forever.

Refinance Reason No. 4: You’re Paying Too Much In Interest

We’ve all done it.  You get complacent and just make your payment every month, paying your bill and going about your life.  Well, if you bought your home 10 years ago, you’re paying a mortgage interest rate around 6%.  When you can reduce that to potentially as low as 2%, you can put hundreds of dollars every month into your pocket.  Take a look at your mortgage statement and look carefully for the rate.  If it’s not in the 2’s, let us see how low we can get it for you.

Refinance Reason No. 5: Your Mortgage Is Swimming

If your home value is less than what you owe on it, you have an underwater mortgage.  There are a variety of ways to help, but one of the best is the Home Affordable Refinance Program, or HARP.  The end date for HARP was recently extended to September 30, 2017, giving borrowers time to refinance properly.  Through HARP, you can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to fixed-rate mortgage. There’s no minimum credit score needed, either.  You can follow this link to check to see if you are eligible for a HARP loan.

Get Started

Call The Home Loan Expert, Ryan Kelley and take advantage of lower mortgage rates to buy your home or refinance and save money. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555.  You can always apply online at, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?