When it comes to refinancing your Chetek WI mortgage, there are dozens of myths floating around. In fact, many of these myths will hold homeowners back from taking the steps that could ultimately save them money. What’s stopping you this year? Is it the idea that you’re too late to save? Let Six Lakes Realty set the record straight on a few of these common misconceptions surrounding refinancing.
If you’ve been thinking about refinancing, consider the following myths that may be keeping you from saving thousands on your mortgage payment each month:
1. You’re Too Late
You may have heard rumors that interest rates are rising or have risen too much to allow you to save money on your mortgage. Don’t let that stop you! Even with rate increases, it can still be a favorable market to refinance your home. The first step to take is to meet with a local lender to see exactly how much locking in a current rate will impact your payment. Once you’ve understood the one-time costs associated with refinancing, you will be able to determine if it may still be a good move.
2. You Have to Reset to 30 Years
Homeowners in the Chetek WI area may be wary of refinancing as they have paid off decades on their loan. The idea of resetting the clock to 30 years when you refinance can seem daunting. However, it all depends on your time frame and future plans for moving to another home. If you plan to move in the near future, refinancing into an ARM (adjustable rate mortgage) with a 5-year or 10-year term is always an option.
3. It Takes Too Much Time
If you’re holding back on refinancing simply because it sounds like too much work, you may strongly want to reconsider. The first step is to contact your local Chetek WI lender and compare your interest rate with current market rates. If there is a possibility for you to lower your payments by refinancing, you may be much more willing to gather the necessary paperwork to get the process started.
You can count on Six Lakes Realty to provide you with the latest real estate market information, whether you’re buying a home in Chetek or selling your current property. Give us a call today with any questions you might have or for a list of available properties in the area!
We look forward to hearing from you!
Six Lakes Realty
Office: (715) 924-4806