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Refinancing Your Mortgage in the Wake of COVID-19

We are all adjusting to a new normal as COVID-19 has become a worldwide pandemic. One of the unfortunate side effects of the stay-at-home orders has been an economic downturn in ways we have seldom seen in the past. While many may be afraid of making any major financial decisions during this time, it’s actually an ideal time to refinance your mortgage — and Luna Lending can assist you through this process.

Why Refinance Now?

When our economy sees a drastic change, such as what we are currently going through, investors tend to put their money into safer investments. As a result of this, you’ll see mortgage rates drop at a significant level. While this situation is a lot less cut-and-dry than that, the bottom line is that if you’ve been considering refinancing your mortgage for any reason — whether you want to cut down on your interest rate or get your mortgage paid off quicker — now is the time to strike.

If you decide to refinance your mortgage during this time, there are a few things you need to take into consideration:

The Age of Your Loan

Depending on how long you have had your mortgage, there is a chance that you may not be eligible for refinancing. If the loan is younger than two years old, we recommend that you hold off on refinancing for now, as it could hurt you in the long term.

The Status of Your Property

How long are you going to be staying on the property you are mortgaging? While we encourage you to stay in the beautiful Tahoe area for as long as possible, it may be unwise to refinance if you are looking to sell your property within the next few years.

The Break-Even Point

When refinancing, we can help you evaluate your monthly savings and determine when refinancing will be covered by these savings. The amount of time in which you will recoup your monthly savings will help you figure out the best way to refinance your mortgage.

Refinance With Luna Lending Today

If you are the owner of a Tahoe area property, Luna Lending can make sure you take advantage of the lower rates and refinance your mortgage in a way that benefits you long-term. Apply today to see how we can assist you!

AHL is an Equal Housing Opportunity Broker.

NMLS: 134718 | CalDRE 02067377 | NV 65339 | CO 100055620

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