With the interest rates for 30-year home mortgages at 50 year lows, NOW may be not only a good time but a great time to refinance. What’s in store for mortgage interest rates? According to the Mortgage Bankers Association you should expect interest rates to steadily rise.
Bankrate.com provides a great free refinance calculator that calculates your payback period in months. Your lender can provide you with the current mortgage interest rates but if you wanted a rough estimate you could plug in 4.5% for the interest rate on a conventional 30-year loan or 4.25% for a FHA loan. At least this is what the mortgage interest rates were last week.
After you have determined the payback period, you need to ask yourself how long you plan on staying in your current Spring Texas home. If you plan on staying longer than the payback period, then call your lender because now is a good time for you to refinance your home.
Jill was the best realtor I have every worked with and have moved multiple times in my 65 years. She... read moreJill was the best realtor I have every worked with and have moved multiple times in my 65 years. She not only knew her job, she was very up to date on what the cost of homes in our area were and what we needed to get the best price for our home.
We ended up getting approximately 2% more than the asking price. There were multiple offers and the original contract fell through, then another offer was accepted for more money.
After the contract was in place, Jill managed our home as we were out of town and took care of water problems in the house and was very professional about the entire process.
We offered Jill a bonus in the form of a vacation in appreciation but she refused on ethical reasons.
she is a great realtor.
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