So the European debt crisis is taking a toll on the markets. In fact we have quite a few things happening but all roads are leading to the same place. Thirty year fixed rates are below 5% and fifteen year rates are below 4.25%. If you have not explored your mortgage options lately, it is time to do so. It may be the last great opportunity before the market turns.
So yes, though it is far more difficult to get a mortgage approved than it has been over the years, it is worth the effort. For folks who have a mortgage at 5.75% on a $200K balance, you could save $150 per month with a straight refinance. For folks with a tight budget, get this done and save.
For those whose income is more stable, move to the fifteen year loan. One of the big problems for many is the damage that the market inflicted on retirement accounts and plans. You can change the equation by cutting your term. Gain control over your financial planning by making sure that you can retire in fifteen years without a mortgage payment. Rates are so attractive that you may only experience a small increase in payment but gain hundreds of thousands in payments you don’t have to make.
Drop what you are doing right now and pick up the phone or email the loan officer whose name appears on the screen. They will be able to help you determine the hard numbers for yourself.
Make a winning decision in today’s market. With thirty year fixed rates around 5%, this one is easy.
