Are you thinking about refinancing your home in the Bitterroot Valley? With interest rates changing, refinancing could be a smart move—whether it’s lowering your monthly payment, switching from an adjustable-rate to a fixed-rate loan, or even funding home renovations.
Refinancing isn’t just about saving money right now; it’s about making the best long-term financial decision for you. For example, dropping your mortgage rate from 7.5% to 6.5% on a $400,000 loan could save roughly $269 a month—almost 20% off your payment. Keep in mind, closing costs are still part of the deal (around $8,000), so you’d break even in about 2.5 years. Even a smaller rate drop, like a half-point, could take five years to pay off the upfront costs—but the savings add up the longer you stay in your home.
Some lenders also offer “no-closing-cost” refinancing. This can be tempting, but it usually comes with a slightly higher interest rate, so it’s important to plan for a few more years in your home to make it worthwhile.
One of the best parts about working with me is that I partner with wonderful mortgage lenders who not only know the ins and outs of refinancing but also understand our area and the unique Montana market. Their local expertise helps ensure you’re making the smartest choice for your home and your family.
Refinancing can be a great tool if you understand the numbers and your options. If you’re curious whether it makes sense for your home in Hamilton, Stevensville, Lolo, or the surrounding areas, I’d be happy to walk you through the details and help you figure out the best path forward. Call or email today - [email protected] or 406-360-5161
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