It’s no secret that living in Denver has many perks. This thriving city continues to climb the ranks as one of the best cities to call home. As a Wash Park homeowner, I continue to be amazed at the increasing property value of our neighborhood and the entire Denver Metro area. Many Denver homeowners, like me, have seen their property values skyrocket – leaving the door open for an incredible opportunity to refinance. Rates are projected to be going up, but while they’re still low, refinancing for the right reasons may be more important than ever. Here are a few reasons that you might consider taking advantage of refinancing your current mortgage loan:
• Lowering your interest rate – can make a big difference in your monthly out-of-pocket costs for housing and saving money interest over the life of your loan.
• Reducing the term – Many homeowners who are in a position to make higher monthly payments could switch from a 30-year loan to a 15- or 20-year loan structure and build equity faster.
• Convert your adjustable rate loan (ARM) – to the stability of a fixed rate mortgage.
• Eliminate PMI (Private Mortgage Insurance) – now that you have more equity.
• Cash out on equity – for tackling home improvement projects, paying off debt, sending your child to college or even buying investment property.
As your neighbor and an experienced loan officer, I can help evaluate whether or not a refinance makes sense for your financial situation. If you or anyone you know would like to discuss these options, please contact me, Kim McAleb at (720) 352-6334 or Julie Negri at (303) 884-0155.