Time to Refinance Now!
TODAY’S THIRTY YEAR FIXED RATE MORTGAGE (Conforming Loan)
5.5% NOTE RATE 5.655% APR (Rate and Term Refinancing and Purchase Loans)
5.6255 NOTE RATE 5.78% APR (Cash Out Refinancing)
TODAY’S FIFTEEN YEAR FIXED RATE MORTGAGE (Conforming Loan)
4.875% NOTE RATE 5.03% APR (Rate and Term Refinancing and Purchase)
5.125% NOTE RATE 5.28% APR (Cash out Refinancing)
TODAY’S THIRTY YEAR FIXED RATE JUMBO MORTGAGE (Loans greater than $417,000)
6.5% NOTE RATE 6.655% APR (Rate and Term Refinancing and Purchase Loans)
6.625% NOTE RATE 6.78% APR (Cash Out Refinancing)
The rate on the 30 Year Fixed Rate Mortgagee is based on minimum 680 credit score
and a 620 credit score for a 15 Year Fixed Rate Mortgage
Assumes 80% Loan to Value
Other restrictions may apply.
A conforming loan is when the loan is $417,000 or less. Rates and fees are subject to change without notice.
First United Mortgage is an Equal Housing Lender
Mark V Clawson, Loan Officer
First United Mortgage
702-921-1800
8678 W. Spring Mountain Road, Suite 130
Las Vegas, NV 89117
Ph: 702-351-7912 email markvclawson@gmail.com
Mortgage rates are coming down fast and this is a time to consider a refinance of your existing mortgage. If you have good equity in your home (20% or more), good credit and the ability to document your income it is now time to refinance.Many of you may have a good fixed rate mortgages locked for thirty years. However, if you have an adjustable rate mortgage or you’re looking for cash to pay off high credit card debt or do some home improvements this is the time to move.
The 10 Year Treasury Note Yield is the lowest that we have seen in since March of 2004. There is a high correlation between the 10 Year Treasury Note yield and mortgage rates, meaning that this is the time to act.
What do I Need to Know About Home Mortgage Refinancing
Home mortgage refinancing can be a sound decision for homeowners, however, it is not always the case. A trusted advisor can help you with the decision. The interest rate on your mortgage loans is not your only consideration.
You need to consider:
How long have you been making payments on your mortgage? Many times I have found people with high interest rates loans, yet, it makes no sense to refinance if you are now paying mostly principal, Just because the rate is lower doesn’t mean that you need to refinance.
If you have an adjustable rate mortgage you need to know when it will adjust and what the new rate will be. Thinking ahead will pay big dividends.
How is your credit rating? If your credit score is great, then you will most likely have no problems with home mortgage refinancing approval. On the other hand, those with a low credit rating will not only face difficulties with approval, but may be faced with higher interest rates or charges as well.
How long you intend to stay in your home. If you intend to sell your house in a year or two, then a refinance may not make any sense.If you are having trouble making ends meet or having problems paying of credit card bills and unsecured loans, refinancing can be a good solution to start with a clean slate by consolidating.
You will want to make sure that a refinance of your home is worthwhile, make sure that the interest rate is significantly lowered, say at least 2% lower than your original mortgage. However, this rule of thumb does not always apply i.e. taking out cash, divorce or other personal scenarios. Please call to discuss these issues.
You’ll also want to consider the fees involved. How long will it take you to get to a break even point (when the payment savings equals the fees for the loan)? Then you can consider how much you will really save on the remainder of your loan.Many people get caught up in the hype of lower interest rates and don’t really think it through. The most obvious case of when refinancing doesn’t make sense is when the homeowner won’t live in the house long enough for the savings from a refinancing to outweigh the costs of getting a loan.Be sure to get a copy of the Deed of Trust or other loan documents to determine if you have a pre-payment penalty. These documents can be found in your closing package or we can help you get a copy from the public records. A pre-payment penalty can be costly and will in most cases negate the logic of refinancing.
To get the best rates, you’ll need to keep your borrowing to 80% or less of the value of your home. It’s important to know the value of your home, especially in markets where values have been falling. You may not have as much equity as you once thought.
Remember, you can reach me at 702-351-7912.
January 12th, 2008 at 8:58 pm
[...] Mortgage rates are coming down fast and this is a time to consider a refinance of your existing mort… good equity in your home (20% or more), good credit and the ability to document your income it is now time to refinance.Many of you may have a good fixed rate mortgages locked for thirty years. However, if you have an adjustable rate mortgage or you’re looking for cash to pay off high credit card debt or do some home improvements this is the time to move. [...]