COLORADO SPRINGS – Historically low mortgage rates are recovering. Those trying to refinance their homes may be wondering if it’s still a good idea.
Many people want to refinance their homes, and one real estate group believes there is still time to find benefits. Top Price Colorado Real Estate said it receives two to three calls a day from those looking to refinance.
Because houses sell so quickly, there aren’t many to choose from. This is why, according to Peak Price Colorado Real Estate, people are choosing to refinance their homes with lenders at lower mortgage rates.
“It’s not a defect, it’s more of a quick sale. Whatever comes on the market sells very quickly. That has resulted in people refinancing their home now rather than buying a new home because they can’t necessarily find something to buy, ”said Karen Schaefer, broker at Peak Price Colorado Real Estate. “So we also see people who add or update their mortgages. It’s kind of an interesting market. One that we’ve never seen before. ”
Peak Price Colorado Real Estates added that people refinance for two main reasons.
“Number one, interest rates are still historically low so you can refinance and cut your monthly payment. The other reason is that we are a very stock rich market right now. This means that we have steadily increased in value over the past five years, so that the houses have a lot of equity. People are refinancing to use that equity to use for home improvement and perhaps to repay their student loans. Said shepherd.
Schaefer added that if you have a proactive lender and are involved in the refinancing process, including filing documentation on time, you can expect a timeframe of six to eight weeks. The assessment could be where there could be delays, and Schäfer said a time frame of 60 to 90 days is not uncommon.
Schaefer said it was inevitable that mortgage rates will rise, but she is confident they will slowly rise and fall.
“I don’t think people are going to stop refinancing,” she said. “Even if the rate goes up, I think they’ll go up slowly and people will keep refinancing as long as it’s worth it for them.”