Recently, we’ve seen the lowest mortgage rates of all time,
People are rushing to refinance their mortgages, especially because the FHFA has announced the 0.5% adverse market fee to refinance mortgages sold to Freddie Mac and Fannie Mae starting December 1st.
It’s ideal for everyone to take advantage of this opportunity as soon as possible.
As a result, it’s best to obtain a refinance as soon as possible as lenders are taking longer to process the loans and some of the lenders have added the fees for longer locked period. There’s only a few days left before all lenders implemented the 0.5% fee to all refinance transactions.
Another recommendation for our current mortgage environment is to refi into a 15-year mortgage.
If you have made the payments to the current loan for at least 5 years, it’s good to consider applying for a 15-year fixed rate loan.
By doing this, your interest rate is much lower and though monthly payments may be slightly higher, the amount saved as a result of the current interest rates makes the change more than worth it.
Contact me to day to find out how I can save you money.
