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Why should I Refinance?

2010 August 8
by buddy

Are you a home-owner or looking to purchase a home in the near future?  Do you know that the current mortgage rates and the rates on the home equity loans are the lowest in history? It might sound too good to be true; however, it is happening right now!

Looking at today’s mortgage rates . Regardless of getting a fixed rate or adjustable rate mortgage, either of them can be practically considered! Nevertheless, if you are a first time homebuyer, locking in a low rate for a 30 year fixed FHA loan is highly recommended. This mortgage rate can go as low as 4%! Sounds amazing, right? With an acceptable credit score and a very small down payment, it is completely possible for all the first time homebuyers to get an unbeatable low monthly mortgage payment!

So now, what about the current homeowners’ mortgage rates? Just like all the homebuyers, they can take full advantage of this extreme bottom touching rate by refinancing! The mortgage rate for refinancing on average is around 4.13%! It would only make sense for the homeowners to go with refinancing if the answers to these three questions are yes. Firstly, are the homeowners intended to reside at their current home for many years to come? Secondly, are the appraised values of their home going up? Thirdly, do they have good credit score? Besides refinancing, homeowners can also think of obtaining home equity loans if they need to borrow money without costing them a big fortune on interest!

Just like the mortgage rate, the current rate for the home equity loan is also around 4%! Believe it or not, this is less than half of the previous rate! Who could have seen it coming? It surely is like a dream comes true! Besides, the interest comes from the home equity loans are deductible on the homeowners’ personal income taxes! While there is always speculation, nobody truly knows how long these rates will stay this low. If it is feasible for you to pursue them, go ahead and take action as soon as possible! Anyone can say it will happen again, but on the other hand, it can be gone for good! Don’t let this money saving opportunity slips away!

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