Mortgage Rates Wait for No One

CNBC and Bankrate.com just reported that home loan rates are at their all time lows. Yes, all time lows! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordably than ever before.
Both 30 year and 15 year fixed rates clipped down to their lowest levels. All this is incredible as just months ago, many experts had anticipated that rates would be well above 5% this summer and on their way to 6% by year end.

Last month, NBC reported that nearly 50% of all people with a 30 year fixed rate had rates higher than 5.75% – do you know where your interest rate is at currently? It’s worth a look.

Plus – in most parts of the country, home values as reported by both the National Association of Realtors and the S&P Case-Shiller indices are higher than last year. If you were unable to refinance last year, the combination of your current home value and historic low interest rates may provide you a greater opportunity to save money than ever before.

Finally, even if your home has lost value from when your loan was originated, you may still be able to refinance. There are some special programs available that might allow you to refinance without private mortgage insurance, even if your loan will now exceed 80% of the present value.

Don’t miss the chance to saving money. Even if you have already taken advantage of the historic rates that have been offered, don’t miss this chance to help your family and friends.

Time waits for no one…and when rates rise, they will rise quickly!  Case in point, take a look back at the month of November.  They have jumped .25% in one week and another .25% this past week to make it a .5% higher rate than what the month of Octobers rates were.

If you or someone you know has not refinanced, get off the fence, save yourself or have them save a bundle of money and get going.  You have to get your loan package put togehter and prepare in advance rather than sit back and not take the initiative to do anything.

Those that take action will save a lot of money over the years.  Are you going to be one that does or are you going to pay the price by sitting back and not being proactive about your finances during the time that you can set yourself and your family up for the long term to have more wealth than you originally expected when you had bought your home.