January is renowned as the month to get back in shape. As so many people dedicate their New Year’s Resolution to renovating their fitness habits, our team wonders why the focus is just on physical health? Why not include financial health in your New Year goals? Being fiscally healthy is just as important as shedding a few unwanted pounds, so when you’re setting goals and resolutions for 2022, bring your mortgage’s health to the table. Record-low mortgage rates carrying over from 2020 into 2022 offer shockingly affordable home loans throughout the Henderson area. With the real estate market as busy as it is right now, combined with these low rates, it’s entirely possible you’re paying too much for your home. So, our question is: is your mortgage working for you, or does it need to lose weight?
What Makes a Mortgage ‘Unfit’?
Does your mortgage need to be healthier? When you are paying a significantly higher interest rate than the current market, your mortgage is not fit. It’s a surprisingly common situation! Today’s real estate market is offering record-low mortgage rates. At this writing, across the Las Vegas Valley, new loan rates are hovering between 2.5% and 2.75% for 30-year fixed rates. The more aggressive 15-year fixed-rate mortgage is around 2%. Keep in mind these are unprecedented numbers; the average mortgage rate in Nevada is 4.7%, according to the Federal Housing Finance Agency. The simple truth is: if you haven’t recently refinanced, you likely need a mortgage makeover.
Have the Fittest Mortgage on the Block!
Do you like paying more than you need to for your home? Of course not! Don’t accept overpaying for a mortgage if you don’t have to. Evaluating the state of your existing loan could show you the benefits of either refinancing it or getting a new one for a new home. The lower interest rates available right now could massively lower your monthly payment should you choose to refinance. This clears up extra funds for either saving or putting into more enjoyable areas! With a lower interest rate, you may even opt for a shorter loan. The savings you get from the lower interest rate can be applied to the higher monthly payment for a shorter loan, allowing you to pay off your loan faster. Depending on your individual circumstances, you may have enough equity in your home to take out a cash-out refinance, which gives you cash in hand to fund home improvements, pay off debts, or give you the wiggle room you need for a large expenditure.
The Trish Nash Team Can Help Whip Your Loan into Shape
Don’t feel you need to launch into a refinance out the gate. Take your time and look at the current state of your finances. Simply evaluating your loan state can help you determine how much wiggle room you have to either purchase or refinance. Where the Trish Nash Team and their mortgage partner, Steve Schauer, can help is by providing a full mortgage fitness review at absolutely no cost. Our team of seasoned professionals will assess your complete financial portfolio, effectively doing the heavy lifting for you. You get the results from our expert market analysis and loan comparison without having to lift a finger. We even have on-demand pre-approvals, so you know exactly what you can afford. All of this mortgage fitness review data combine to give you a perspective into your mortgage’s health.
If you’re interested in finding out just how overweight your mortgage is, contact the Trish Nash Team at 702-331-3948.