Interest Rates Dropping in 2020!Posted on Jan 29, 2020
The new year has already shown promise for homebuyers and homeowners alike, as interest rates have begun to drop within the first few weeks of 2020. This means it is the perfect time to consider refinancing or applying for your home loan. Here is what you can expect with the interest rates dropping: a lowered monthly payment, eliminating mortgage insurance and consolidating your debt as we approach February!
A lower interest rate equals a lower monthly payment. Now is a fantastic time to consider refinancing to shorten the term of your mortgage, and start paying significantly less in interest payments! By doing this, you will not only save money, but increase the rate in which you build equity in your home, which typically decreases the size of your monthly payment.
Consolidating your debt and eliminating mortgage insurance are other crucial parts of saving you money! With interest rates dropping, it could be a perfect time to utilize these specific aspects of the process. If you need help during the process or more context on how to refinance, contact our team today!