Now is the best time refinance, there's no doubt about it.
Mortgage rates are at historic lows. This has caused a surge in refinancing by New York homeowners.
According to NYDailyNews.com, the number of refi applications has received rocketed more than 50% in the past month.
Restrictions on qualifying have tightened since the mortgage meltdown. So making sure you qualify is the first step to saving cash with a refinance.
"Unfortunately, there are a lot of people who can only read about the low interest rates," said Melissa Cohn, CEO of Manhattan Mortgage Co. "For those who qualify, it's huge."
Homeowners who do land the coveted loans stand to save big. Those who get 30-year fixed-rate mortgages could potentially lower their monthly payments by thousands of dollars each year. Those who switch to 15-year fixed-rate mortgages from 30-year loans will also get record-low rates and ultimately spend tens of thousands of dollars less in interest in paying off the loan, though their monthly tab will be larger.
Whether you're in East Village or have a place uptown, now is a great time to think about refinancing your home.
Act Now with a New York Refinance
No one is sure how long low mortgage rates are going to last, but there's no denying that the time to get started on that home refinance you've been wondering about has come. While many are extremely cautious with any large financial decisions because of the faltering economy, I think everyone should at least consider refinancing before rates shoot back up.
Evaluate your financial situation and see if a New York refinance is the right choice. As good friend and VP of Mortgage Banking at Quicken Loans Tim Birkmeier says "Empower yourself and secure your financial future."
Talk to a New York Refinance Expert Today
As a Quicken Loans home loan expert licensed in New York, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with a New York refinance. Whether you're looking for FHA Loans, VA Loans, fixed-rate, or adjustable rate mortgages, if you're ready to move forward get in touch with me at Quicken Loans!