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Lowest Refinance Mortgage Rates Info | |
Lowest Refinance Mortgage RatesThe lowest mortgage rates in almost 40 years. With mortgage rates dropping to levels not seen in over a generation, the doors for refinancing have opened wide. And we mean "wide." In fact, it’s hard to not find someone talking about refinancing. It seems refinancing is on the tips of just about everyone’s tongues. Get lowest refinance mortage rates! Click here. And the reasons are obvious. For example - according to Quicken Loans - lowering your mortgage rate just 1% on an average $200,000 30-year fixed-rate mortgage (from 6.5% to 5.5% for example) will save you an estimated $125 a month or $45,360 for the 30 years of your loan. And the more your rate drops (going from 6.5% to 5% for example), the more money you save. That’s about all there is to it. Not much more complicated than that. Refinance Boom is upon us So, as you can see, there are many reasons to refinance your mortgage right now if you have equity in your home. Even if you think you won’t keep your loan for the entire 30 years, you still may be able to save money if you refinance. All you have to do is figure out your break even point. For example, let’s assume you will save $300 a month on your new mortgage payment after you refinance. Let’s also assume your refinance will cost $4,000 in various fees and costs. Based on these numbers, you would need to keep your refinanced mortgage a minimum of 14 months to break even. After that, it’s all profit. Each month you’ll be able to put the $300 you save with your new mortgage payment to something other than your mortgage – something important to you, like your family, a vacation, a charity, or just plain old savings. The point is, you’ll have this extra money to do with as you please. Waiting for lower mortgage rates could be costly Word on the street is that some people are waiting for mortgage rates to drop even further and are holding out for a “dream rate” that is yet to come. Good luck on that. Unless you have a crystal ball that the rest of us don’t know about, it is impossible to predict future rates and you are gambling by waiting. It’s true, mortgage rates could go lower, but it’s not likely. In fact, history tells us they will most likely rise. That’s the truth, if you believe in history as a predictor for the future. If you sit on the sidelines waiting for the bottom mortgage rate, you might find yourself locking in after rates have started rising. Just ask yourself the question – “how much can you lower your payment and are you willing to lose that amount by waiting for an even lower rate?” If you are comfortable paying a higher payment now on the slight chance that mortgage rates will drop further, get out your crystal ball and wait. If you want a lower payment today and are content with the fact that average mortgage rates on 30-year fixed-rate mortgages are at or near a 37-year low, get started refinancing now. Source: Quicken Loans. Get lowest refinance mortage rates! Click here. More mortage information:
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