5 Reasons to Refinance
Mortgage Rates hit 37-Year Low
The average rate for a 30-year-fixed mortgage has dropped to the lowest level in 37 years! Mortgage rates started falling after the Federal Reserve launched their new effort to aid the markets by purchasing up to $600 billion of mortgage-related securities in November.
Here are a few good reasons to refinance:
Reduce your interest rate
Securing a lower interest rate is one of the top reasons for refinancing. This adjustment can make a big
difference in your monthly out-of-pocket costs for housing and save money on financing fees.
Remove private insurance
Many loan rograms require private mortgage insurance,
which is designed to protect the lending institution
from loan default. By refinancing, you may be eligible to remove your private mortgage insurance.
Change your loan program
At some point, homeowners who have an Adjustable Rate Mortgage (ARM) usually find they would like to switch to the stability of a Fixed Rate mortgage. I can provide you with loan comparisons to find out if you can save money with another type of loan program that might work better for you.
Credit score has improved
Refinancing typically occurs when mortgage interest
rates drop significantly, but borrowers with recently
improved credit scores (from paying off credit card
debt, making mortgage payments on time, etc.) are
often candidates for better interest rates. If you
haven’t checked your credit score in a while, it’s a
good time to call Max Leaman: (512) 293-1239.
Considering a refinance? I will keep you alerted to interest rate changes
I continually monitor rates. For clients interested in refinancing, I alert them of interest rate changes so they are ready at the best time to lock in a new rate. I will also review the terms of your existing mortgage program. It is important to consider whether or not you have a pre-payment penalty written into your existing loan, and the purpose of the refinance. It is also important for us to know how long you plan to stay in the home. This helps us to determine whether or not it is beneficial for you to pay points up front to secure a lower interest rate on your new financing. I will want to know what the current property value is, how much equity you have built up, and your current credit score.
My consultation is always free and I want to make sure your questions are answered. Please call me today to discuss your home financing: 512-293-1239 (Cell) and 512-617-5636 (Office).
| 
In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending is required to obtain a copy of
the documents used in identifying our new account customers. This notice is being provided to you for adequate
notice given under this act.