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.
AMAZING AGENT! Jill did an awesome job marketing our property. An absolute expert!! Our first meeting, she did... read moreAMAZING AGENT! Jill did an awesome job marketing our property. An absolute expert!! Our first meeting, she did most of the"listening" and allowed me(the seller) to express my opinions and marketing ideas before giving me hers. She was ready for that first meeting with comps that matched my home, not others that just happen to be nearby. Jill is very meticulous and it shows in her marketing strategies. Available for multiple "open houses", revisiting photo shoots (Three different times she had a photographer return to either take more photos), never settling for mediocrity. Jill is patient, focused, and masterfully communicates. My home sold in about 80 days, NOT ONCE did Jill consider deviating from our price or changing marketing strategies for a quick sale? Thanks JILL read less