As many of you have seen in the news, current 30 year fixed rates are at record lows. Last week conventional loans with A+ credit we going for UNDER 4%.
The industry is changing every day and new rules and guidelines are sent out by Lenders before you can even finish reading the last updates. This is good news though, it has cleaned up the lending industry. No more toxic loans which got us into this mess. In order to qualify for a loan you need to have good credit, steady income, and some assets. If you have questions regarding qualification, let me know. I can also help with reviewing your credit history and improving your credit score.
If you are wondering if you should refinance it is all a simple math game. Figure out how much you are paying monthly, what your interest rate is, and how much longer you have on your loan and current rate (if you are in an adjustable). Then compare that to current rates, plus the closing costs of the refinance, which in some cases can be paid for with a rebate from the lender. You take the monthly amount you would save and see how long it would take you to pay off the cost of refinancing, if it is only a year or two, then it should definitely be worth it to you.
Also, if you have a lot of equity built up in your home, but have some other credit lines, you should think about refinancing and taking some cash out since I guarantee the 4% you'd be paying on your mortgage would be cheaper than the rate you are paying on your other credit lines.
Feel free to email me with any questions you have.
