Is It Time to Refinance Your Fairfax County Virginia Real Estate?
Have you been keeping an eye on mortgage interest rates? You’re probably wondering if now is the right time to refinance your Fairfax County Virginia real estate. With money worries on the rise the first place many turn to is the monthly budget. It seems to be unyielding and rigid. What else can you cut when you’ve eliminated everything you don’t absolutely need?
One of the best places to cut expenses can be your mortgage. Now with the new stimulus plan in effect it’s even more possible to refinance your Fairfax County Virginia real estate to get the most savings possible. Here are a few things to look for to decide if refinancing is right for you:
Are you interested? The interest rates have dropped due to incentives by President Obama. If the current interest rate is lower than your existing rate, you might be able to save hundreds of dollars each month when you refinance. Check with your mortgage provider to determine if you can save money by refinancing.
- Give yourself credit. You’re entitled to a free credit report each year from all three major credit reporting companies: Experian, Equifax and TransUnion. Use it to find out what your credit score is. If your score is above 650 on all three, you have a good chance of taking advantage of the new interest rates.
- Location, location, location. Fairfax County homeowners with a high mortgage over $417,000 could benefit a great deal from refinancing immediately. However, the declining Fairfax County Virginia real estate market may require you to have a much higher equity and a better credit score than 650 to successfully refinance your existing loan.
- What’s your line? If you have at least 10% equity in your home, you are in good shape to refinance.
Knowing where you stand is the first step in deciding if refinancing is right for your Fairfax County Virginia real estate. Do you have questions or are you considering selling your property? As an experienced Fairfax County Virginia real estate agent, I can answer any questions you might have. Give me a call today at 703-909-3939 or email Steve@HomeSearchWebsite.com. I look forward to talking with you.
Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939
