On June 23, 2016, in an unexpected move, the United Kingdom voted to secede from the European Union. This move has had an immediate impact on American mortgage rates. Interest rates were already low, even taking a dip from levels seen the prior year. A 30-year fixed-rate mortgage now hovers around 3.25 percent, a record 3-year low.
It is unclear whether the effects will be long lasting or if this is simply a temporary disruption; however, if you have considered refinancing your mortgage, now might be the time to lock in and take advantage of low rates.
The question is…are you ready?
To determine whether you would benefit from refinancing, ask yourself the following questions:
If you answered "yes" to any of the above questions, then refinancing may be the right move for you.
A few tips…
Keep in mind that there are many others looking to shave a quarter of a percentage point off their interest rate while remaining on a fixed-rate loan. To avoid bank backlogs and ensure quick processing, it is important that all documents are gathered in a timely fashion. Also, be mindful of refinancing costs, which can range anywhere from a few hundred to several thousand dollars. It's important to make sure that the costs don't outweigh the potential savings of a refinance.
Have questions? OneWest Bank, a division of CIT Bank, N.A., is ready to answer any questions you may have and help you lock in a low refinance rate today! Call one of our experienced loan consultants at 888-922-9097.
Not all applicants will qualify for financing. Mortgage rates and terms are subject to change without notice.