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Are any of your clients considering refinancing their home? As national mortgage rates remain at 4 percent, you’ve probably noticed a gradual decrease in
refinancing activity. Many homeowners already have mortgage rates lower than the current market value, so it’s no surprise that they’re a little reluctant to make this move. is here to give you some advice to share with your clients that could result in considerable savings for them by refinancing today!

1) Lose the Mortgage Insurance: Real estate prices are going up and home values are rising with them. If your clients and prospects have mortgage insurance, explain to them that if they’ve accumulated 20% or more equity in their home then it may be a good time to reevaluate whether they even need it.

2) Move to a lower term:  If your clients can qualify for a lower term mortgage and are financially capable, then they should do it! Moving down to a 15 or 20 year term can save them thousands in interests costs and payments, allowing them to pay off their mortgage even faster.

3) Drop the fixed loan: In result of rising real estate prices and increased equity, many of your clients may want to sell their current home in order to purchase a larger one. Since they are not planning on living in the home for a long as they originally planned, switching to an Adjustable Rate Mortgage (ARM) could be the best move for them. According to a Freddy Mac mortgage survey, there are 5 year ARM at a little over 3 percent which could help them save on interest and mortgage payments.

4) It’s all about the cash: Who doesn’t like some extra cash? Whether it’s a vacation, college tuition or even a new car everyone could use some help. If your client’s have enough equity in their home (in most cases 30% or more) let them know that they can refinance and get some money back in their pockets.

5) There are better rates out there: Don’t let them overpay for their home when they could be getting a better rate. Even if they couldn’t receive a lower rate in the past, there are still many opportunities out there that could significantly lower their mortgage. Whether it’s more equity in their home or just a higher credit score, advise them to talk to their lender for a chance to start saving today! is your partner in real estate and we want to keep you up to date on everything that’s going on in the housing market. For up-to-date industry data check out all of market reports, you can also find more mortgage articles like this from featured author Shashank Shekhar.