Huntsville mortgage company says refinancing home now could save hundreds, and coronavirus is why

The coronavirus pandemic has caused lower than ever interest rates on homes.

Posted: Feb 23, 2021 9:22 PM
Updated: Feb 24, 2021 9:59 AM

Coronavirus is having a direct and positive impact on the real estate business.

We're finding out the price is right and the time is now to save money on your mortgage payment.

WAAY 31 spoke with a mortgage lender on why you should think about refinancing your home now rather than later.

Mortgage interest rates are at an all-time low for many people, and a lender told us if you play your cards right, you could save yourself up to $500 a month on your mortgage payments.

"The government went in and bought what's called treasury bonds in order to stimulate the economy because of the pandemic, and then, that in turn caused the 10-year treasury yields to drop," said Calvin Lawhorn.

Calvin Lawhorn is the president of Lawhorn and Associates Mortgage company. He told us over the last year, his business has seen a nearly 30% increase in clients ready to refinance their homes.

A lower interest rate means you could not only shave hundreds of dollars off your mortgage, but you could also shorten the term of your mortgage, meaning you can pay it off sooner and even eliminate your mortgage insurance.

"I know for a lot of people, it's hard to make ends meet. So, perhaps you need to pay for college, perhaps you need to pay for car repairs, that's something that could be looked in," said Erika Curry.

Curry refinanced her home in December and told us it was one of the best financial decisions she's made. She said the pandemic has changed the way she looks at long-term goals and says you should ask yourself this question if you're a homeowner right now:

"What could I lower and what could I eliminate? Your home is your most precious asset, your most valuable asset, but then again, your most expensive asset," she said.

Now, not everyone can​​ negotiate new terms at this moment, and Lawhorn told us that's okay.

Banks can help you defer payments if you need.

"They'll work with you on whatever. Whether it be a month, or two, three, four months. It just depends," said Lawhorn.

Lawhorn told us there are several factors involved if you want to refinance, like having a good credit score, knowing your appraisal and knowing if you're just in a good place, financially, to pay closing costs, because sometimes you have to have some money upfront.

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