Bryan Nazor has been on the management team of one of New Jersey’s leading coporate law firms, Main Street Title & Settlement Services, LLC, since 2002. Bryan Nazor has been in leadership position with the company for over 15 years, and is a title and real estate closing expert in the field.
In the unprecedented times we are in only about a quarter of the way through the year 2020, mortgage rates are at an all-time low. While this may be good news for potential home buyers, what does this mean for homeowners? Real estate expert Bryan Nazor explains why refinancing your home right now can have some benefits.
Mortgage rates hit an all-time low in March, plummeting to 3.23% and currently sit at 3.37% for the average 30-year fixed mortgage. Though the drop in rates is due to the coronavirus (COVID-19) pandemic happening in the United States and worldwide, the effect it has had in the real estate industry is one that home buyers and homeowners should consider taking advantage of Bryan Nazor says, “As real estate agents, we’re happy for home buyers. So many people dream of owning a home, and low mortgage rates mean that dream is made more possible.”
These low mortgage rates also mean that current homeowners can benefit from saving some money in the long run by refinancing their home with the lower rates, though there are some factors that Bryan Nazor says you will want to take into consideration to ensure that refinancing is the right option for you.
First, consider the up-front fees that you will be charged for refinancing your home. Real estate expert Bryan Nazor notes that these fees can range from a few thousand dollars upwards, so figure out what your exact costs would be, as well as the length of your mortgage and how much longer you have to pay off your home. For those that purchased their home at a time that it was more costly than what the house may have actually been worth, refinancing can be a great decision.
“It doesn’t matter how long you’ve had your mortgage,” Bryan Nazor says. “If refinancing works for you, you could end up paying drastically less for your home overall.”
Keep in mind that as quickly as mortgage rates have lowered, they can spike just as fast. If you think that refinancing is a great option for you to save money on your home, now is the time to look into it. Bryan Nazor suggests that if you weigh the pros and cons correctly, speak to a real-estate expert, you can make your final decision about the benefits of refinancing your home sooner rather than later.