Susan Fry-Elevate Realty

Mortgage rates have been dropping (Hallelujah! 🙏)

The question everyone is now wondering: "Should I refinance??"

Refinancing your mortgage and securing a lower interest rate can mean substantial long-term savings.

But deciding whether to refinance your home depends on several factors...

🔖 Here’s how to evaluate if it’s a good time to refinance:

YOUR CURRENT RATE
A general rule of thumb is to refinance your mortgage when interest rates are at least 1% lower than your current rate.

COSTS OF REFINANCING
The cost to refinance your mortgage can range from 2% to 4% of the loan amount. You want to be sure that potential savings will outweigh total closing costs.

YOUR "BREAK-EVEN" POINT
Your break-even point is when you will recoup all the closing costs that come with refinancing your loan. For example, if your closing costs are $5,000 and your monthly savings from refinancing is $200 per month, it would take you 25 months to break even.

YOUR FUTURE PLANS
If you plan to stay in your home for several more years, refinancing could be a smart move, but if there's a good chance you'll relocate before reaching your break-even point, it's worth reconsidering.

DM me for a link to Freddie Mac's mortgage refinance calculator and I'll send it over!

🚨 Just listed! 14744 Highway PP, Bowling Green, Missouri is officially on the market and ready for showings! This stunning home offers luxury living on 5.61 acres in rural Pike County. With a large atrium window filling the space with natural light, you'll enjoy breathtaking views of sunrises and sunsets all day long. Take a sneak peek at your future home! 👀

Want more? Head over to Zillow for a 3D walkthrough, 2D floor plan, and additional photos!

https://www.zillow.com/homedetails/14744-Highway-Pp-Bowling-Green-MO-63334/247111111_zpid/

📸 Aaron Kranz Photography Thank you for the beautiful work as always!

Elevate Realty LLC

Buyer Broker Compensation offered 2%