Home Mortgages: Up, Up And Away! - part 1
by MJ Plaster
Refinance NOW-before it's too late
If you haven't found the time to refinance your existing home mortgage, it's time to take action-like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well.
A quarter of a percentage point may not seem like much, given that the federal funds rate currently stands at 2 ¾ per cent, but a reality check quickly reveals that you, personally, have probably never seen 2 ¾ per cent interest on anything in your lifetime. Take a look at your credit card statements. Are you paying 2 ¾ per cent on your credit? What about your home mortgage? Without getting technical, there's little correlation between the federal funds rate and home mortgage rates except the direction in which they travel, and right now that direction is headed to the sky.
You've already missed the opportunity of a lifetime to lock in the lowest rates you'll see for the foreseeable future, but you have a little more time to get your hands on relatively cheap money. The window of opportunity is rapidly closing, so if you're going to refinance, you must do it as soon as possible.
Things you may not know about refinancing:
A small rate cut can pay off handsomely in smaller monthly mortgage payments.
Smaller monthly mortgage payments will decrease your tax deduction, because you will no longer be paying as much interest as you've been paying. Factor this in, because it's the total savings that matters.
You can and should ask to have fees waived or reduced: application fees, origination fees, appraisal fees, legal fees, points, and closing costs.
Read the end of
Home Mortgages: Up, Up And Away!
Related Home Mortgage Articles: Applying For Your First Home Mortgage? What You Need To Know Refinance Your Home Mortgage Online You Don't Need 10% Or 20% Down To Get A Home Mortgage How To Get A Better Deal On Kit Home Mortgages Locating A Home Mortgage |
Related Home Mortgage Questions: Other resources for Home Mortgage Home mortgage? Home mortgage? Home Mortgage? Define principal in home mortgage. define interest in home mortgage.? Define principal in home mortgage. define interest in home mortgage.? |
Back from Home Mortgage Articles
to California Mortgage Articles Directory