A Great Time to Refinance Your Home Loan
Today the “fed” just announced an emergency rate decrease making interest rates lower than they have been in a long time. This means while the last several months have been a great time to refinance your home loan, it just got better. Refinancing is a pain, and the point of a refinance is to squeeze every last dollar of savings out of the process. But the savings or other benefits can be substantial and so, we are willing to go through the process of the applications, the gathering of information, the appraisals, underwriting the back and forth and ups and downs. The trouble is that many people miss another important step: shopping their home insurance rates.
Also A Great Time to Shop your Home Insurance
Because insurance is paid by the escrow company in many cases we may not notice the incremental rate increases year after year after year. If we don’t shop the insurance, then it becomes VERY easy to have rates that are uncompetitive without us knowing. Also home insurance companies often change their coverage. Sometimes for the better and sometimes for the worse. So while refinancing gives an excellent opportunity to save, it also is a great opportunity to review and make sure that you have the most up to date coverage options that will better protect your home. Not sure what coverage you might need? Not a problem, we have put together some resources to help you review your coverage on this website that we hope will uncomplicate homeowners insurance coverage.
With all the paperwork it may not seem like a refinance would be a good time to take care of insurance, but it’s a perfect time. New insurance premiums can be paid or closing or with funds that have been sent to you from the closed escrow account from your own loan.
To Bundle or Not – That is The Question
Also, while popular myth states that a bundle is always cheaper, sometimes it’s not. Companies that are great car insurance companies often fail miserably at homeowners insurance and some companies that are awesome at homeowners insurance fail at car insurance, but a loan refinance is a great time to check.
An Easy Process
But getting insurance has to be hard, right? Not with Gila Insurance. You can get multiple quotes online in minutes, and by doing so, you can see if any more savings can be squeezed out of the process. Have questions or need help deciding the coverage that is right for you? Not a problem we have licensed agents on standby to help you with the process.
So if you are one of the many that will be refinancing your home this spring juice your savings by shopping your insurance now!