If you took out a mortgage in 2018, now could be the right time to consider refinancing it, according to recent data from Black Knight.
The property analytics firm’s latest Mortgage Monitor Report reveals that today’s prevailing interest rate stands at 3.49% – at least 0.75% lower than last year’s rate.
Those with a mortgage rate of over 4.5% also stand to enjoy considerable savings, with the report suggesting this group of mortgagees could knock 1% or more off their interest rate by refinancing in 2019.
For those wanting to learn more about when to refinance a mortgage, the bottom line is that it’s usually better refinance sooner rather than later.
This is because any improved interest rate you receive will deliver maximum benefit when put against a larger loan sum – and assuming you’re keeping up with your payments, your repayment figure is only going to go down over time.
Not only are rates lower now than they were for most of 2018, but some lending guidelines has loosened, making it easier for more borrower to qualify for new mortgages.
Taken together with the fall in interest rates, the report suggests that current property market conditions are ripe if you’re looking to maximize your assets or rework your mortgage. If you are considering refinancing your mortgage for a lower payment, shorter term, or to pull out cash, contact me today at 912-771-2115 or Apply Online for your complimentary analysis.