We have many borrowers with Mortgage Insurance who qualify for “no cost” refinances that would save them as much as $500 per month in some cases. These borrowers are “ripe” for refinancing b/c their homes have appreciated rapidly since their purchase date.
We of course contacted these borrowers and explained the benefits of a refinance, but many unfortunately did not want to commit right away; rates have climbed almost 1/4 percent since we first contacted some of these borrowers.
Our main point for borrowers is this: When offered a no cost refinance that saves a substantial amount of money right out of the gate, borrowers should lock in the rate right away; they have no risk and nothing to lose. In addition, with rates generally trending upward, borrowers will likely end up with a higher rate if they wait to lock in a rate or commit to a refinance. The market is very volatile. Waiting to lock can be costly.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646