Is it Time for You to Refinance?
By Pauline Hofseth, Daring to Care
(Prudential Jack White/Vista Real Estate)
In the past two weeks, interest rates began to inch up slightly. This week, RealtyTimes.com reports that today's interest rate fell back. The current interest rate is 4.75% for a 30-year mortgage and 4.5% for a 15-year fixed rate. That report led to today's blog. Depending on your current interest rate, it just may be time for you to consider a refinance. If your loan's interest rate is around 6.5%, a refinance is definitely something you should check into. * A reduction from a 6.5% to the current 4.75% interest rate would result in a savings of over $200 a month. If that statement made you perk up your virtual ears, then I would like to remind you about the Making Home Affordable Refinance program sponsored as part of the recovery plan. * You do not have to be in a distressed situ...
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