Why Historic Low Mortgage Interest Rates Should Interest You
Each week, I am briefed by a small cadre of mortgage lenders on the ins and outs of loan products available to consumers. They are all currently singing the same tune: mortgage interest rates are lower than they've ever been.
The perks of this are obvious to those wishing to buy a home now.
For those who thought buying a home is not in the cards, perhaps it's time to rethink that and spend less monthly that is being spent on rent?
For those who already own, perhaps this is a magnificent time to refinance your mortgage. Why? Spending less on your mortgage next month than you do this month may be a good reason. Of course, perhaps consolidating consumer debt taken on by home improvements may make good sense, too.
How good is today's rate?
I've been shocked at the settlement table to see clients buying homes with rates under 4 percent (often in the mid 3s). When I bought my first home in 2000, I was thrilled that we were able to lock in a rate of 8.5 percent.
And speaking more from my personal experience, I conducted a refi earlier this year to pay down some home improvement costs. And I'm currently in the midst of a second one to take advantage of the rate now that my credit scores have improved significantly in the wake of paying off remodeling costs. When completed, my mortgage will be approximately $400 less per month than it was a year ago.
In fact, in the past month, I've helped a handful of households to determine whether now is a good time to refinance or not (and it is) ...and to help guide the appraiser for each appraisal to ensure accuracy.
So, if you have any questions about refinancing, I'm a happy and willing participant in helping you find a world-class lender and title company capable of bringing it all together. And I'm equally happy to create a home value analysis which most accurately assesses the appropriate market value of your home.
At the very least, a conversation and further knowledge about your mortgage options can never hurt.
If information is power, my mission is to help create the most powerful consumers of real estate on the market!