Considering refinancing?
I have a past customer who is currently in an ARM that is at 4.75% and isn't set to adjust until November 2008. When looking at refinancing him into a 30 year fixed rate at 5.75% today, he wondered if he should wait until November because his wanted to keep his low 4.75% rate as long as he could. When counseling him I told him it was his decision to wait but he needs to consider a few things that could change between now and November.
1. We know what rates are today, who knows what they will be in November.
2. We know the value of his property today, what if the real estate market continues it's downturn and his house loses value?
3. He is working now and qualifies for the loan. What if he were to lose his job for some unforseen reason and fails to qualify in November?
If the rates are great today, then don't wait!
Check out your options here; http://homeloanswithchris.net.
Chris Coley
Wells Fargo Home Loans
Comments(1)