Freddie Mac reported last week that the current interest rate for a thirty year fixed rate was at a historic low of 4.27%. How low will it go? My crystal ball clouded up several years ago, and I do not how much lower rates will go. I do know that the smart money realizes it is impossible to time the market and the best plan is to take the money and run. Check your mortgage statement carefully. I am working on a refi where the client initially did not think it made sense to do anything until they noticed what the mortgage insurance was costing them. When they considered the hassle of trying to get the mortgage holder to drop the mortgage insurance, they correctly decided the smart thing was to refinance.
Have a mortgage pro analyze your situation. Send a recent mortgage statement to aid in the process. I am amazed at the number of people who do not know they have mortgage insurance or an FHA loan. One of the great benefits of having an FHA loan is the ease of refinancing into a new FHA mortgage.
Last week I took a loan application for a couple who are refinancing their existing FHA mortgage to a new FHA loan to take advantage of the present rates. When I explained the process they said they were sorry they had waited because of all the horror stories about getting a mortgage in the present environment. They could not believe how simple the process was.
As always I am interested in your questions and/or comments. Let me know if you would like a current rate quote.
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