This week the rate for 30 year fixed mortgage hit an all time record low mortgage rates since data for this rate began being tracked in 1971. According to Forbes, the 30 year fixed rate reached a low of 3.07% and the 15 year 2.56%. This represents a great opportunity to either purchase a home. Or to get locked in to these never before seen low rates, or to refinance your existing home mortgage. In either case we can put you in touch with a great local lender. If you are looking to refinance we can provide you with comparable sales. This helps to insure that you are able to appraise for the highest value.
If you purchased a home with less than 20% down you likely have mortgage insurance however you may have 20% equity in the home at this point. You could refinance your mortgage, remove your PMI and have a lower interest rate. What could you do with a couple hundred extra dollars in your pocket each month, or the thousands of dollars you will save over the life of your loan? There is what you need to know about record low mortgage rates. As always, we are here, contact us and let us know how we can help you.