We have been getting a lot of calls recently asking if it is the time to refinance. There is a lot of uncertainty in the air right now with what is going on and what the future actually holds for everyone – even the mortgage industry. Currently, mortgage rates are decreasing and they recently hit a new all-time low. The last time they were this low was eight years ago…another election year. There is also a lot of uncertainty because of the virus, of course. The stock market has been making some crazy moves, too!
No one knows what is going on and no one can predict what will happen, either.
So even though mortgage rates are record breaking low right now in this moment, it does not mean it hast stopped decreasing. There are many factors that go into it and many possibilities.
With so much uncertainty in the world right now, we do not feel comfortable giving a direct “yes” or “no” – as far as if the time is right or not. What we do feel comfortable doing is making sure that you are aware that there are many pieces of the puzzle. Beware of companies or individuals who may be forceful in making you feel a particular way about refinancing or even getting a mortgage on a new home in these uncertain times. There may be some sort of ulterior motive for them.
If you would like to discuss your options with us further, please be sure to give us a call. We would be more than happy to chat and give you guidance.