I received an email alert from my preferred lender telling me that 30year fixed rate mortgages were down to 5%. I figured that it had to be a mistake. I called him this morning and told him I wanted to refinance if the rate was still available.
I had a first mortgage at 5.75% and a home equity line that adjusted every month according to the prime rate. Right now the rate is low but I just don't have a good feeling about rates staying low.
So I thought that now was a great time to save money and get everything combined into one larger fixed rate loan. I'm also pulling $15,000 out to pay for a new roof. By doing this, I'll be saving around $90/month, have a new roof, and be locked into a low 5% rate for 30 years. What a deal!
This might be the bailout that you've been waiting for. 5% is a crazy rate for a 30 year loan. This is one of those opportunities that you'll look back at and wonder why they were lending money at such low rates.
I used Craig Bland in in Atlanta. In five minutes I was locked in. All I need to do is fax him last year's tax return and last month's bank statement and we'll be ready to close in 10 days. It doesn't get easier than that.
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