HOME LOAN Services - Why This is a Great Time To RefinancePosted by Gormsen Soto on May 18th, 2021 Owning a home may be the quintessential American dream, one that many people have successfully completed. There is one thing that many homeowners have not completed which is researching the mortgage rates. Ravenwood Mortgage Services am 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 you can do about original home loan mistakes that many homeowners had made, something could possibly be done now and currently it is a great time to refinance a house 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% that are paying over 5% in interest rates it is fairly obvious that many homeowners are not utilizing home loan services to refinance their existing mortgages which may save thousands of dollars across 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 eye of any homeowners currently paying over 5%, but there's another good reason to locate a good home loan service to refinance. The money saved over the life of a loan could be dramatic by simply refinancing a home loan to a lower rate. For instance, a 0,000, 30 year loan applied for at an interest rate of 5.9% refinanced into a fixed rate of 3.8% helps you to save 7,000 in interest over the life of the loan (Max, 2010). This incredible amount of savings should be attracting multitudes of homeowners but because the statistics show, this is not happening. Any homeowner can see by the two simple facts which have been presented, that this certainly is the time to refinance for several reason. A homeowner can not only lower their interest rate but concurrently 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 spend the money for extra principal payment involved going from the 30 year mortgage to a 15 year. If this is not feasible, staying at a 30 year mortgage will free up hard earned money that many families can ill afford to invest during these rough times. So yes, now could be a great time to refinance!Like it? Share it! More by this author |