All the ways today’s mortgage rates can benefit you

Today’s mortgage rates remain near historic lows. Whether you’re a home buyer, homeowner or home seller, you have an opportunity to save a substantial amount of money by taking advantage of today’s low mortgage rates. Here are just some of the ways today’s low mortgage rates can benefit you:

Buying a home. Today’s low mortgage rates help stretch your home buying dollars. And most people don’t need a huge down-payment to buy a home these days; there are a number of low downpayment home loan programs available to qualified borrowers. You may be able to qualify for a 3% or less downpayment for some conventional loan programs. One of the many benefits of homeownership is that you can take out a fixed-rate home loan that locks you into that low rate for the entire term of the loan. You’re no longer subject to rent increases by your landlord!

Refinancing. If you own a home, make sure you’re not passing up an opportunity to refinance. Refinancing can mean more to you than just a new monthly mortgage payment. It can help you accomplish other financial goals, such as taking out a shorter-term mortgage with the goal of paying your home off earlier or tapping your home equity. At PRMI, we can help you weigh the pros and cons of financing to see whether it makes sense for you.

Selling your home. It’s a great time to sell a home, as the supply of homes for sale is tight and the strong labor market means more people are looking to become homeowners. If you buy another home after selling yours, you’ll be able to lock in at today’s low rates. It’s hard to beat that combination!

At Primary Residential Mortgage, we have a variety of home loan options. Let us help you find the right one for you and your family.