BY KIM McALEB,  ASSURANCE FINANCIAL

Mortgage loan interest rates are defying all odds and breaking all time low records (again). In the 50 years since Freddie Mac (FHLMC) has been tracking and recording this data, rates have reached a high of 18.45% (October 1981) to the low this week just under 3.00%. Could now be the time you were waiting for to refinance your home loan (potentially again)?  

This week mortgage loan rates dipped below 2.9%. Even if you just refinanced less than one year ago, it might be worth looking into refinancing again. A general rule is that if you can reduce your rate by 1% or more, then the cost of the refinance would be beneficial.  Some factors to consider are how long you plan to stay in the home, whether you are paying PMI (Private Mortgage Insurance) or eliminating it altogether. With home equity on the rise, perhaps it’s time for that cash-out refinance for renovation or other home improvements, payoff high interest rate credit card balances, student loans, home equity line of credit (HELOC) and even help with health care cost and retirement plans. 

Each homeowner’s situation is unique and can be somewhat complicated. For the right answers you should consult your trusted loan advisor. Mortgage loans are like eggs, not all are the same shape, size, color and quality. There are many choices such as term, closing cost, rates (depending on your credit score) and timely closings. The new mortgage loan product can be tailored to your specific needs…for example, if you currently have 27 years left on your 30 year loan, you could refinance into a 27 year loan or maybe a 25 year as opposed to starting over with another 30 year mortgage loan.

We are here as a trusted neighbor and friend to guide you through the multitude of decisions necessary to ensure that you obtain the best loan possible. Stop by our office to say hello, join our book club, or get a treat for your dog. We want to be your trusted loan advisor and help you anyway we can. We are here for you!

For more information contact Kim McAleb at (720) 352-6334.

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