Refinance Your Home While Avoiding Crowds
Mortgage interest rates are very low. and many of us want to take advantage of the potential savings a home refinance can bring. At the same time, people are trying to stay away from crowds and unnecessary interaction with people. Can You Refinance Your Home At a Safe Distance?
There are two questions to consider when determining whether to refinance during this time: First, do I have to risk being in public places and possibly being exposed to any germs? And second, will I miss out on saving money from having a lower interest rate on my mortgage if I don’t refinance?
How Much Can You Save?
How much could you save by refinancing now? Every situation is different, but depending on your current interest rate, the answer is likely “a significant amount”.
For example, a difference of 1% on a $250,000 mortgage loan can save $51,876 over thirty years. This assumes that the loan runs the full thirty years and all payments are made on time. Most of us would agree that keeping $50,000 more of your money over 30 years deserves a further look.
Can You Keep A Safe Distance?
But what about the health risk of going through the refinance process right now? We can help mitigate much of that risk with solutions we have in place.
At Mid Oregon Credit Union we offer a no-cost phone review of your current situation and goals. The review will determine if now is the right time to refinance your home loan. You can ask for a mortgage review by calling (541) 382-1795 or emailing realestateloans@midoregon.com.
Remote Home Loan Steps
If your financial situation is improved by a refinance, then we can accomplish this with minimal direct contact.
• Applications can be taken securely online or by phone
• Documents can be gathered online or by mail
• Disclosures can be signed electronically using Docusign
• Many loans qualify to use online appraisals
• Onsite appraisals require only limited contact
• Loan Closing can be scheduled at your home with a mobile notary
How Low Are Rates Today?
Rates are low, but unfortunately misinformation about specific rates is out there. As always, if a deal (rate) sounds too good to be true, it probably is.
While you are shopping for rates be aware of websites offering low rates that cannot be achieved. Each situation is different and applicants with different loan-to-values, credit scores, debt levels and property types will receive different rates. At Mid Oregon Credit Union you will get an interest rate and fees from someone you trust. Remember to review the interest rate, the annual percentage rate and the fees on your loan estimate.
We can also help you review loan estimates from other lenders. It might save you a lot of time, hassle, and maybe save you money, too. Contact our Home Loan team at (541) 382-1795 or email us at realestateloans@midoregon.com to learn more.
