Is Now A Good Time To Refinance? Mortgage rates have now dropped through 26 of the last 36 weeks. As compared to January 1, mortgage rates are better by more than one-half percentage point. And, with mortgage rates down, there are literally millions of U.S. homeowners eligible for a refinance loan. Some have started taking steps to refinance, but many more have not. If you are a homeowner meeting any of the following criteria, consider the possibility of a home loan refinance. 1.Homeowners who bought their home prior to July 2014 2.Homeowners who currently pay private mortgage insurance 3.Homeowners with an FHA loan who want to cancel FHA MIP 4.Homeowners who carry a credit card balance from month-to-month 5.Homeowners who want to use home equity to pay for home improvements Additionally, homeowners with an existing FHA loan or VA loan may now find themselves finally eligible for the FHA Streamline Refinance and VA Streamline Refinance, respectively. Both programs enforce a minimum monthly savings requirement. With mortgage rates near an 18-month low, meeting those requirements is much more likely.
Posted on: Fri, 19 Dec 2014 17:48:26 +0000
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