This may be your last chance. Mortgage rates are at a 3-year low and, according to, homeowners with a credit score of at least 720 and 20% equity could save $270 a month by refinancing………even if they bought their homes are recently as 2018!

Refinances Double; 20 Million Homeowners Could See A Mortgage Rate Drop

When refinancing, remember that you can choose a different loan term. It doesn’t have to be 30 years. It can be 20 years or 22 years. To save even more money, some lenders allow you to make payments every 2 weeks instead of once a month. It’s a sneaky way of adding an extra mortgage payment a year.

But making lower payments isn’t the only reason refinancing is popular. So are:

1. Paying off high interest credit cards

This is the #1 reason why people refinance their loans. And it’s no surprise with credit card interest rates hovering around 20%. But expect a higher interest rate because large credit card balances usually mean lower credit scores.

2. Remodeling

Kitchens and bath remodels have a great return on investment and are a welcome change when you “just can’t stand it anymore.” (That’s how I feel every time I look at our orangey-beige kitchen and bathroom tile that was so popular in the early 2000’s.) Adding a pool is another main reason people like refis.

However, for cash out refinancing, expect the interest rate to be ¼ to ½% higher.

Ed Carlton, owner of Bayway Mortgage, has been one of our trusted mortgage brokers for years. Feel free to call him (904-338-3487) for different options. And more good news: Ed is offering Oakstreet Realty’s friends and family a free appraisal (paid at closing) when doing a refi

Need More Expert Advice About Selling Your Home?

I pride myself on giving homeowners advice they can count on when selling their home. While other agents are telling you to replace counter tops and take on big unnecessary jobs, I prefer to help my clients get the most money by focusing on the fixes that actually matter. Let me know if I can help you navigate through any issues you may have.

Call today for our personalized approach!


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