This is good news for our Pinellas County St. Pete area.
For most of us this might just be the right time to refinance. Not only because of the two big rate cuts this month but also and especially if the cap for Jumbo loans will be raised. The new cap on Jumbo loans will have a big impact for the beach areas where a lot of people have Jumbo loans and they are about 1% higher in interest rates than conventional loans.
So, go check with your mortgage broker or lender, depending on what you have now, you might easily save 2% maybe even more.
Think about combining the first and second and maybe an equity line into one low fix rate mortgage.
Just be careful, make sure you understand all the fees involved and
(Here is the Realtor speaking) try to negotiate them.
Also, do not go out and shop "too much" make sure you tell them your credit score and do not let everybody pull your credit scores; it might hurt your points.
A friend of mine just refinanced and went from a 9.2% interest rate to a 5.75% rate. A client of mine just purchased a Condo as a second home and got a 5.5% rate. So, do your homework, it might save you a lot of money to take action soon.
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