Refi Now or Roll the Dice?
December 12, 2008 by Bob Schenkenberger · 1 Comment
With 30 year fixed rate loans hovering around 5%, is this the time to pull the trigger on a re-finance of your mortgage? There are two groups of qualified borrowers who should look at refinancing?
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- Those who have fixed-rate mortgages above 6%.
- Those who have adjustable-rate mortgages and want the security of a fixed-rate loan.
With Fixed-rate loans, you will not have to worry about future rate increases. In today’s economic climate, people want the secure feeling of having a stable mortgage payment that comes with a fixed-rate loan.
There is no better time to get out from under your adjustable loans and high-rate seconds, which means lower interest rates and lower payments.
How To Navigate The Refinance Waters… there will be a bottle neck of files turned in because of the current interest rate drop. In order to insure a quick and painless transaction consult your mortgage processional on:
- New Guidelines
- New Fico Score Requirements
- New Loan to Value Changes
- New Income Documentation Needed
Turning in all documentation requested is the BEST and MOST EFFICIENT WAY to send your file to the top of the pile.
Feel free to contact us if you have been wondering if now is a good time to REFI!
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Bob has been an active REALTOR for 18 years. During this time, he has closed over 500 transactions, and has been the broker of record for 1000's more. Bob can be reached via email (bob@gethomedenver.com) or phone (303.770.1180.)
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