As rates climb, a new program could help more homeowners refinance
Mortgage rates may be on the rise, but they’re still close to historic lows. The popular 30-year fixed rate jumped to 2.87% two weeks ago, and now remains in roughly the same place at 2.86%. That’s not far off from its all-time low of 2.65%, putting many homeowners in a good position to save on a refinance.
If you’re interested in resetting your home loan, a new program could help you lock in a lower rate. RefiPossible from Freddie Mac will be available to over a million homeowners starting August 30th. It’s a loan option designed for those who may not qualify for a conventional refinance, or missed the 2020 refinance wave. If you’re eligible, you’re guaranteed to cut down your monthly payments by at least $50, and estimated to save up to $250 per month, or $3,000 a year. Better Mortgage is proud to be one of the first lenders offering RefiPossible loans on its August 30th launch date.
If you’re waiting to see rates drop further before you refinance, it could cost you more in the long run. Even as new Covid-19 variants create potential uncertainty in the economy, mortgage rates aren’t expected to reach the record lows of 2020 again. In fact, they should be inching further up by the end of the year. With RefiPossible, you would start saving now. Check out today’s rates online to see how the numbers on your mortgage measure up, and learn more about RefiPossible to see if it’s the right move for you.
How homebuyer Marcela Roza scored a Better Home Run
Better isn’t just a mortgage company—it’s a one-stop shop dedicated to making homeownership more accessible. While Better Mortgage helps you buy and refinance your home, Better Cover and Better Settlement Services are there to help you with homeowners and title insurance, respectively. When we work with you on all three, we call it a Better Home Run.
Last August, New Jersey resident Marcela Roza became a home-run client when she found Better online. “I work in advertising and talk to people all day. When it comes to my personal needs, I want the process to be online, easy, and convenient,” she says.
Marcela bought a home with Better Mortgage, and insured it through Better Cover and Better Settlement Services. This saved her time and energy that she would have spent shopping around elsewhere, and helped her close on her first home quickly—even in the middle of a pandemic.
If you’re on the hunt for insurance, Better Cover and Better Settlement Services can help you make it happen quickly and efficiently. Or, study up to figure out what you need with our guide to homeowners insurance and our breakdown of why title insurance matters.
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