Have you been putting off mortgage refinancing for one reason or another? According to industry analyst Dan Green, the conditions keeping refinance mortgage rates at such low levels will be soon coming to an end. If you’d like to take advantage of historically low refinance rates from the best mortgage lenders like Amerisave, now is the time to take action. Here’s an article by Dan Green of the DailyMortgageReports.com with four reasons low refinance mortgage rates will soon be coming to an end.
Looking for a Fannie Mae or Freddie Mac loan; or an FHA Streamline Refinance; or an VA IRRRL loan; or a USDA mortgage? What about a jumbo loan? Act quickly. The forces that, since 2009, have conspired to keep mortgage rates low are now poised to fade into history. And when they’re gone, so will low mortgage rates.
If you’ve been putting off your mortgage refi because of the cash you’ll have to put up at closing, there may be no fee refinance options available to you. Keep in mind that you’ll be accepting higher mortgage rates for having the lender pay your fees; however, if you’re paying six percent or more on your existing mortgage one of these offers could be well worth it.
If you decide to pay your closing costs to get the lowest possible refinance mortgage rates, keep in mind that you’ll have to recoup these out out-of-pocket expenses before benefiting from that lower payment amount. The more you pay for the mortgage loan origination fee or unnecessary discount points the longer it’s going to take you to break even. Considering the average homeowner refinances their home every four to five years, if you haven’t broken even by this time you’ll be losing money no matter how low the new interest rate.
You can learn more about paying less for the loan origination fee while avoiding unnecessary points by checking out my free Underground Mortgage Videos.