If you have been thinking about refinancing your home there hasn't been a better time to get started. Rates are at an all time low with shorter term loans available.
- Homeowners whose equity situation is deteriorating should ask their lender for help. They will be able to find the flexibility (if any) in government programs which are aimed at reducing rates for owners in weak equity positions.
- FHA efficiency mortgages give consumers an opportunity to refinance into a loan that helps pay for home efficiency improvements. This is a great way to cost effectively lower utility bills through basic home repairs.
- Interest rates are at all time lows making it the right time for anyone carrying a higher interest rate to consider refinancing to a lower rate.
- Low fixed interest rates make converting from an adjustable rate loan into a fixed 15 or 30 year loan a smart move. Even if the adjustable payment is currently lower than a fixed rate payment, when rates rise again, the monthly payment on an adjustable rate loan will quickly leap frog a fixed rate loan.
- The differences between fixed 15 year and 30 year interest rates is significant; refinancing to a shorter term loan can save hundreds of thousands of dollars over the life of the loan.
So take the time to evaluate your mortgage loan today!
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