1. Historically Low Rates
Yes you may have read it before, but what does it really mean and how does it benefit you? Well, at one point in the 1980’s, rates were as high at 18 percent! This made buying or refinancing extremely difficult for most people. Oh how times have changed! As of July 2014, Conforming Fixed Rates are now in the low to mid 4’s!
(Remember, rates are subject to change daily and this is not a rate quote)
So, even if rates are at four percent or five percent – they are still historically low. Take advantage of these low rates while you still can!
2. Consolidate Debt
Car Payments, credit cards, school loans and other consumer debt typically carry a higher rate than a 30-year Mortgage and a much higher total payment.
Having some equity, or value in you home may put you in a fantastic position to pay off that debt and lower your total obligations.
When you consider that the mortgage balance will be back to where you started in just a few short years – For many people this option alone makes refinancing very attractive!
3. Lock in a Fixed Rate
Having a shorter term loan, like an adjustable rate mortgage, makes a lot of sense for some people. You take advantage of a low rate or payment for a time, then you sell the property and just move on.
But for some, their situation changes. The kids aren’t ready to move out yet, the parents are still with you, maybe the job in another city fell through. Whatever the reason, you now need some stability and some peace of mind.
So now you’ve got a loan that is ready to balloon or a rate that’s set to expire. Leave it for too long and your payment could possibly double or even triple!
Talk about a great time to refinance!
Lock in a low fixed rate of 10, 15 or 30 years, and fix it for the long term. No more wondering about market conditions, home values and rate spikes. Your rate is fixed and you can sleep at night!
For the other two great reasons to refinance now, go to DansRockinRate.com and click the link “Five Great Reasons to Refinance.”
So if you’re ready fix your rate, get some peace of mind and experience a symphony of savings, call Dan “The Rockin’ Loan Officer” at 661-418-7283(RATE).