Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. A borrower may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Borrowers who started with a high-interest sub-prime loan can often reap the rewards of an improved credit standing by refinancing. Some homeowners refinance to 'cash out' and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly. Conforming APR Payment per Jumbo APR Payment per 30-Yr. fixed 5.625% 5.761% $5.76 5.750% 5.842% $5.84 15-Yr. fixed 5.125% 5.352% $7.97 5.125% 5.277% $7.97 7-Yr. fixed ARM 5.375% 5.509% $5.60 5.375% 5.465% $5.60 5-Yr. fixed ARM 5.000% 5.131% $5.37 5.125% 5.213% $5.44 3-Yr. fixed ARM 4.750% 4.879% $5.22 5.125% 5.213% $5.44 5-Yr. Interest Only 5.250% 5.383% $4.38 5.375% 5.465% $4.48 *Rates are subject to change due to market fluctuations and borrower's eligibility. Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department
Mortgage Interest Rates*
Regardless of the reason for refinancing, the mortgage consultant will need to know what the existing loan scenario entails. He/she will review the homeowner's long-term goals and provide a comprehensive spreadsheet that outlines various loan programs that will provide noteworthy benefits to the homeowner.
Bear in mind, refinancing to obtain a lower interest payment could also result in a lower deduction at tax time. The homeowner's tax consultant and mortgage consultant should work hand-in-hand with their mutual client's best interest in mind.
$1,000
$1,000
Little Egg Harbor, NJ
Good post Karl. Thanks for keeping the readers updated on the rates also.
Jan 31, 2009 07:17 AM
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP
Karl,
I have received quite a few calls from Clients looking for my opinion on this very item......good for them to take advantage when appropriate and for me to know I have made an impression on them as a resource........the biggest bonus is that I get an opportunity to talk to them and see if they know anyone who I can help as well.....w Win-Win,
Feb 01, 2009 10:54 PM
Moorestown, NJ
Accredited Loan Consultant
David - Despite recent increases, they are still at historic lows. Let's get people to buy more houses.
Feb 02, 2009 01:14 AM
Moorestown, NJ
Accredited Loan Consultant
Dan - That's a great point. I love when customers call me to get my opinion on something. Even if it doesn't lead directly to a deal, it's wonderful to know they respect my opinion.
Feb 02, 2009 01:15 AM
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker
If there a rule of thumb in terms of where to go on a refi- always heard if you could save 1 full point it owud be worth it if you stayed in your house 5 years.
Feb 05, 2009 06:59 AM
Moorestown, NJ
Accredited Loan Consultant
Janice - That's definitely a common theory many people go by, however I recommend each person should have their own analysis done. An annual mortgage review is something everyone should do because everyone has their own unique situations.
Feb 07, 2009 03:15 AM
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