Refinancing Your Home During COVID-19

As the government make changes on mortgage relief and moratoriums during COVID-19, we expect to see an increase in mortgage refinancing during the last quarter of 2020.  Many borrowers hope to draw cash out of their home to cover debt. Others simply want to find a way to pay better rates or lower monthly costs. Professional Mortgage Solutions in Rego Park, NY is here to tell you all about your home refinancing during COVID-19.

Finding A Better Rate During COVID-19

Recently, many have reported historically low rates as the COVID-19 pandemic continues to ripple through the economy.  The Feds have provided some relief and purchased bonds to make this possible. While we continue to see rates fall, this is the best time to assess refinancing, especially if you need to save money. Some would prefer to lower their monthly payment instead of fall behind and into debt.

While refinancing will still carry some fees, it is still a good idea to call around and see what sort of terms and rate change you can lock in. You will want to start soon, as many predict that mortgage refi requests will only continue to rise.

Ways to Refinance During COVID-19

Some people need access to cash and are eyeing their home equity.  They can do a cash-out refinance to withdraw funds from the home, if eligible. Others simply desire to refinance only the rate and term of their mortgage. Whatever you are considering, please feel free to call Professional Mortgage Solutions with any questions. You can also review the latest changes to bank terms, documentation, and approval procedures for refinancing.

Help with Refinancing During COVID-19

As mortgage rates are fluctuating, talk to your bank to ensure that you can get a good rate and term. Be sure not to over-extend beyond what you need if you are completing a cash-out refi. You may end up with an adjustable rate that starts low and increases over time. Certain banks are less reluctant to approve long-term fixed rates. Ensure that you get a rate that you can afford to pay and check that it will not dramatically increase the principle owed on your loan.  It is wise to continue monitoring how the government is intervening to help struggling homeowners and take advantage of any new programs.

Working to Find the Right Solution

Professional Mortgage Solutions is here to help you lock in on a great rate if you are refinancing. We can help you review your current finances and any benefits or savings you may get from refinancing. Our team is standing by to help you understand all the changes happening in our real estate market due to COVID-19.