You have most likely heard the term ‘refinancing’ buzzing around since mortgage rates have dropped over the past few months.

Refinancing is the process of getting a new mortgage by changing the terms of the one you currently have on your home, and it doesn’t mean you end up with two mortgages.

Instead, your first loan is essentially paid off through the refinancing process and a second loan is created in its place.

Refinancing could potentially save homeowners thousands of dollars in the long term, and even reduce the term length of your current mortgage.

The main purpose of refinancing is to own your home quicker. You can think about refinancing your mortgage if it means you’re locking in a lower interest rate of at least 1-2%, or reducing your mortgage term length.

Refinancing could be well worth it if you intend on staying in your current home for a long time. If you think you’re ready we recommend talking to your preferred lender or mortgage broker to seek out your options and save some money!

To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 56 new listings on the market, 69 new contracts and 60 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.daveramsey.com/blog/is-a-mortgage-refinance-right-for-you
(2) https://www.cnn.com/2020/07/13/cnn-underscored/how-to-refinance-mortgage/index.htm