Lifestyle

Why now is the best time to refinance your mortgage

Updated kitchen
Refinancing allows homeowners the chance to check something off of their dream to-do list, like remodeling a kitchen | Photo via Unsplash

The past few months of being cooped up in the house has us dreaming about all of the home improvement projects we want to complete. Whether it’s finally turning your backyard into an oasis with a new pool, or work from home has you thinking about adding more space for a home office, these projects don’t have to be just a dream.

Thanks to COVID-19, the housing market is currently experiencing a period of record-low interest rates, and the local experts at MIDFLORIDA Credit Union say it’s a great time for homeowners to look into refinancing their mortgage

How does this help with renovations?  

When homeowners refi with a cash-out option, they’re able to free up funds from their home’s equity to pay off or consolidate debt, or fund home improvement projects (wave hello to your dream pool). 👋

Even if you don’t need a large sum of cash, MIDFLORIDA Credit Union says there’s a no cash-out option, which is a great tool to increase your monthly cash flow and can help you reach your financial goals sooner.

Whether members choose a cash-out or a no cash-out refinance option, refinancing can improve your financial wellness in other ways, including: 

  • Reduce your monthly mortgage payment with a lower rate
  • Pay off your mortgage sooner by refinancing to a shorter term
  • Switch from an adjustable-rate mortgage to a fixed-rate mortgage

MIDFLORIDA Credit Union has mortgage specialists on hand to answer questions and help find the best mortgage product for your needs. Ready to refi? Apply online, in-person (most branches are open with extra safety measures in place) or by phone at 855-915-4663.