New York , Many homeowners know that home values are hitting new highs right now. So what should you do? Sell? refinance?
“This is clearly still a seller’s market because in addition to record-low mortgage rates, we also have the lowest inventory levels in history,” said real estate expert Jonathan Miller.
New Jersey homeowner Robert Torino noticed the changing market and decided to refinance his home a few months ago. His rate was 4.18%.
“We fell down to four, in the high third and took money from refinancing to refinance right and pay off some outstanding debt,” Torino said.
Miller said there are two benefits to refinancing.
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“Your payments are going to be lower, you’re going to have lower monthly expenses being number one,” Miller said. “Number two is you can get a second mortgage or home equity loan and take out the cash to buy something you need or pay for college or whatever. A lot of people have equity now. Which they didn’t have a year ago.”
Miller believes that as long as mortgage rates are low, the market will continue to warm. He also wants to remind homeowners that banks are getting more conservative lately, so be prepared for the refinancing process to be a little more difficult than usual.