As you’re decking the halls and gathering together with friends and family, are you done with everything you wanted to accomplish over the course of 2021? If you’re like many people, the answer is no. If one of the things you wanted to tackle was refinancing your home, you’re in luck. The holidays are a fantastic time to complete a refi, and thanks to favorable conditions this year now is the perfect time to act.

Mortgage Rates Are at Historic Lows

Many homeowners have a unique opportunity right now to benefit from extremely low rates.

Refinancing gives you the freedom to get lower monthly mortgage payments or alter your loan term so that it reflects your needs. These low rates are not going to last forever, so moving forward now can lock in great rates and let you reap the benefits every month.

Next year, many experts are predicting that rates will start to increase as COVID-era programs begin to be phased out and economic recovery is more stable. If you are considering refinancing next year, it’s a far better idea to act now instead of risking lower savings on your monthly mortgage payments and higher mortgage rates.

Act Now to Tap Into Your Home Equity

Are you hoping to remodel your home in 2022? Is your child going to be headed to college? Tapping into your home equity through a cash-out refinance can give you the extra cash flow you need to get started on your savings goals, your 2022 plans, or the vacation you’ve always wanted to take. You can take advantage of cash-out refi if you have an FHA, VA, or conventional mortgage.

Reap the Rewards of Better Finances

Many people were able to put their stimulus payments and other income towards paying down debt and improving their credit scores during the pandemic. If your finances have improved since you initially took out your mortgage, refinancing can get you a better loan program or interest rate than you had before. Let yourself experience the benefits of your financial wins this year by acting now to refi.

Take Advantage of the Slow End of Year Period

During the holidays, underwriting activity and refinancing applications generally start to slow. In fact, refinancing demand last week was 41% lower than the same week in 2020. If you’ve been waiting to work through the refinancing process and get the assistance you might require from an underwriter, now is the time to take advantage of the lull and get plenty of help and attention.