Is Now a Good Time to Refinance Your Home? - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Is Now a Good Time to Refinance Your Home?

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Whether you've lived in your home for a decade or just bought your house a few years ago it might not be a bad idea to think about refinancing.

Interest rates are still at historic lows but they're starting to climb back up.

Tonight we look into why now might be the time to refinance your home.

"It's always a good time to refinance," Scott Bullinger, Business Sales Development Officer at Capital Credit Union said.

Since interest rates hit an all time low last year, rates have slowly been on the rise, but Scott Bullinger says it still could save you hundreds of dollars a month by refinancing.

"Refinancing is always something that someone would want to look into, whether they've owned their home for many years of just recently had purchased their home, because of home value increases currently, they might be surprised what their home is worth and by redoing that loan could maybe get out of some Private Mortgage Insurance," Bullinger said.

Last September 30 year mortgage rates hit an all time low of 3% and while rates aren't that low anymore, they're still historically low.

"Typically right now we're seeing a 30 year mortgage run between 4.625% to 4.75%," Bullinger said.

Bullinger says he's been busy helping people who are interested in refinancing their home.

"Our refinance market is actually probably 50 percent of our total volume right now, so 50% refinances 50% purchases, so very strong market," Bullinger said.

But it does come with a price.

Closing costs for refinancing your home will cost between 2% to 3% of your loan amount.

Bullinger says the process is easy and takes about 45 days.

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