The Atlanta real estate market has been doing extremely well recently. This has created a huge opportunity for homeowners to refinance their mortgages.
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I was joined recently by my brother and loan officer, Nick Seidell, who wants to talk about the benefits of refinancing.
Home values have continued to go up here in Atlanta over the last few years. According to the Case Shiller Home Price Index, Atlanta has seen the 3rd-largest increase in homes values in the last year at 6.2%, just behind Phoenix and Las Vegas.
“No matter your situation, we urge you to take a look at refinancing.”
According to Nick, this growth is great for those who already own homes because they can reduce their monthly mortgage payment by refinancing. Interest rates have gone up in the last year, but they have dropped almost 1% since November. This means that you can get a better interest rate on a 30-year fixed mortgage and get rid of the private mortgage insurance that you’re already paying for. If you plan on staying in your current home for the next 20 to 30 years, you’ll save a lot of money by refinancing.
Even if refinancing right now won’t get you a lower interest rate, you can still use a refinance to pull cash out or reduce the term of your loan from 30 years to 15.
No matter your situation, we urge you to take a look and see if a refinance could make sense for you. If you have questions for Nick, don’t hesitate to give him a call at (404) 542-4554 or email him at [email protected].
If you have any other real estate-related questions, give me a call or send me an email. I look forward to hearing from you soon.