Home Mortgage Services - Why It Is a Great Time To RefinancePosted by Gormsen Soto on May 18th, 2021 Owning a house may be the quintessential American dream, one that lots of people have successfully completed. There's one thing that many homeowners have not completed and that is researching the mortgage rates. The rates I'm speaking of might have been either when they bought their house initially or after having lived in the home for some time. While there is nothing that can be done about original home mortgage mistakes that lots of homeowners had made, something could possibly be done now and currently it is a great time to refinance a home mortgage. According to articles from CNNMoney.com published in November of 2010, 38% of most mortgages (both fixed and ARM) pay between 5-5.99% interest and 28% pay 6-6.99% in interest (America's real mortgage rate, 2010). With the full total number of mortgages totaling well over 50% which are paying over 5% in interest rates it is fairly obvious that many homeowners are not utilizing home mortgage services to refinance their existing mortgages which would save thousands of dollars over the life of a mortgage. Rates are well below 5% in many cases, especially when considering 15 year fixed rate mortgages. The interest rates which are currently available appears to be enough to grab the attention of any homeowners currently paying over 5%, but there's another good reason to find a good home loan service to refinance. The amount of money saved over the life of a loan could be dramatic by simply refinancing a home loan to a lower rate. For example, a 0,000, 30 year loan taken out at an interest rate of 5.9% refinanced into a fixed rate of 3.8% will save 7,000 in interest over the life of the loan (Max, 2010). Ravenwood Mortgage Services of savings should be attracting multitudes of homeowners but as the statistics show, this is not happening. Any homeowner can easily see by both simple facts which have been presented, that this is definitely the time to refinance for more than one reason. A homeowner will not only lower their interest but at the same time they'll realize significant savings on the life of their mortgage. Doing this also results in other benefits. A homeowner could have shorter loan terms if they're able to afford the extra principal payment involved going from a 30 year mortgage to a 15 year. If this isn't feasible, staying at a 30 year mortgage will release hard earned money that lots of families can ill afford to spend of these rough times. So yes, now is an enjoyable experience to refinance!Like it? Share it! More by this author |