Is Now the Time to Refinance?

Corona virus is an interesting opportunity if you are looking at selling or refinancing your home.

As we slowly work our way through this pandemic and state of quarantine, many are unsure about the job market, their own potential employment and what the future holds.  As much as I wish I had a crystal ball that I could look to for answers, unfortunately I don’t, and we are definitely dealing in uncertain times. Hi, this is Dana Weyl with Coldwell Banker Select, Owasso homes and lifestyle group.  As an active full-time real estate agent, I’m daily checking to see what the market is doing and specifically loan interest rates.  Because of our current economic upheaval and uncertainty interest rates have been steadily dropping. According to Bankrate.com “In the week ahead (March 25-31), 33 percent of the experts polled each week by Bankrate predict that rates will rise, 17 percent of the experts predict a drop in rates and 50 percent predict that rates will remain relatively unchanged (plus or minus 2 basis points).  The theme this week is unpredictability–all bets seem to be off as the mortgage markets are behaving in ways not seen before”.  So, what does this mean for homeowners.  Well, If you have been in your home for an extended period or potentially have a good equity position and have been considering selling, the market is still strong.  If your home is updated and well maintained you most likely have a very good product for the current housing market which is still a seller’s market in certain price points.  If however, you are feeling uneasy about the future or specifically your job, and are considering refinancing to access some of the cash value of your home as a safety net, now might be the best time to do it.  Interest rates are lowering and it’s a great time to take advantage.  Bankrate.com is showing 30 year fixed at 3.8% and 15 year fixed at 3.14%.  Some realtors won’t be quick to advise clients to refinance their home as it further impacts the housing supply.  I, however, do not work from a scarcity mindset but one of abundance.  Our job is to advise clients and to consider every avenue they might benefit from.  My husband and I refinanced our last home during the last housing recession a year prior to selling and saved several thousand dollars in just one year because of it.  Bottom line is that it’s worth looking into and speaking with a good mortgage broker or lender to see what your options are.  Our team works with several in the Owasso area and trust them with our own personal loans as well.  If you would like additional information for trusted local lenders click the learn more button.  As always, if you have questions about the housing market or buying or selling, we are always available to take your calls, texts and emails. You can rest assured knowing our company is taking every precaution to keep buyers, sellers and agents safe during this pandemic utilizing on-line technologies. This is Dana Weyl with Coldwell Banker Select, Owasso homes and lifestyle group where our focus is always real estate, relationships and results.

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