By now, people have heard that the Feds are raising interest rates throughout the rest of the year to address rising inflation, and mortgage rates have already begun to increase from their all-time lows.

However, we want people to realize that the ship has not sailed yet. Mortgage interest rates are still very low and home owners still have some great opportunities.

One of those is a cash out re-finance. Because home values have been increasing at an exponential rate, many borrowers are sitting on a lot of equity in their home. Now is a great time for borrowers to tap that equity while the rates are still low, using cash from a refi to finance home improvements, pay college tuition, or consolidate high balance credit cards.

Another opportunity is to refinance the mortgage to a shorter term and pay off their loan sooner. Rates on 15 and 10 year loans are much lower than a 30 year mortgage and that gives the borrower an opportunity to refinance into those shorter terms.

There are also some people that have just not picked up the phone to inquire about refinancing into a lower interest rate. Believe it or not, some borrowers are still sitting on rates between 5 and 8% and they could really benefit from refinancing.

So the moral of the story is explore your options and when you do shop your mortgage around, to make sure you are getting the best deal and remember to include your trusted local mortgage company, Indigo Mortgage.