Homeowners looking to lower the interest rate and monthly payments on their home loan should look into refinancing their mortgage loan, said John Haberberger, lending officer with Midwest BankCentre.
“If the amount you are going to save monthly or over the length of the term of your loan outweighs refinancing, it’s most likely worth it,” he said.
Haberberger also said refinancing can help fulfill a specific need, such as completing a home renovation project.
“Sometimes it’ll make sense to pull that cash out of (the equity in) your home to fund that project if there’s room,” he said.
Haberberger said most people looking to refinance are homeowners who purchased their property within the past two years, before the Federal Reserve recently lowered interest rates.
“Because interest rates were higher, they may have an interest rate of 6.5 percent all the way up to 7.5 percent he said. “If (their rate) is above 6.5 right now, they should be talking to somebody to see if (refinancing) make sense.”
Midwest BankCentre will always conduct an in-depth analysis to see what is best for any given situation and client, Haberberger said.
“The customers never have to worry about if it makes sense; we’re here to (help) them in that manner,” he said. “It matters where you bank, and we’re definitely here for our community, and we believe in rising together here at Midwest.”
Haberberger said anyone interested in refinancing their home may visit any one of the 15 Midwest BankCentre St. Louis-area locations. The bank has branches in Arnold, Crystal City, De Soto, Fenton and Imperial. For more information, go to the company website at midwestbankcentre.com.