Mortgage Rates at Three-Year Low – Is Now a Golden Refinance Opportunity?
With mortgage rates at a three-year low, now could be a good time to refinance. The high occurrence of refinances is due directly to the low interest rates on mortgages across the country and more importantly in local markets. More than 11,000,000 homeowners nationwide stand to save an average of $268 per month if they were to refinance today. Below are the main things to consider before making the decision to refinance: How long do you plan on staying in your home? You want to be able to keep your loan long enough to ensure the monthly savings will exceed the closing costs. How much will you save? The rule of thumb is that your new interest rates needs to be 50-100 basis points (.5%-1%) lower than your current one. Are you paying mortgage insurance? Refinancing with 20% equity or more will give you the best deal because you avoid paying mortgage insurance. Is your financial house in order? Make sure you have your financials in order. One out of four refinance applications are denied because of high debt-to-income ratios or poor credit. Depending on your personal answers to these four questions, a refinance may be the perfect move for you to be able to save some...Foreclosures a Near Non-Event
A year-end report on 2019 found that foreclosure filings were down 21% from 2018 and down 83% from its peak in 2010. In the same period, bank repossessions are down 86%. Lender repossessions are down 37% and 86% from 2018 and 2010 respectively. These low numbers are likely due to the strong economy allowing borrowers to make their mortgage payments without lapse. After the Dodd-Frank Act was passed in 2010, lending standards were at an all time high. In the years since 2010, the rules and regulations have slightly laxed leading to what would be believed to be a higher percentage of foreclosures. In reality foreclosure rates are at a recent historic low. With the decline in foreclosure inventory and interest in the amount of inventory going up, now remains a good time for sellers with less than ideal property to find a buyer. Low mortgage rates allow more first time home buyers to enter their local markets and compete for the already low inventory causing some distressed elements to be overlooked. ...How Much Can Good Credit Save You on Your Mortgage?
It’s well known that good credit can save you money and help you get a lower mortgage rate. But just how much money can you save? It’s estimated that over the life of a mortgage loan the average interest paid for a borrower with fair credit is $260,000. It’s also estimated that those with a very good credit score will pay closer to $220,000 over the life of a loan. That nearly $40,000 difference is a direct result of having a higher credit score and inversely, a lower mortgage rate. Monitoring your credit can help you secure a low mortgage rate and save tens of thousands when buying your...FHA Mortgage Loan Limits Increase in 2019!
The new year will bring higher mortgage loan limits for FHA Mortgage Loans. FHA announced the new mortgage loan limits for 2019 will increase across the majority of the country to $314,827 from $294,515. These changes will go into effect on Jan. 1, 2019. The FHA Mortgage Loan Limit in Lee County will be $314,827 The FHA Mortgage Loan Limit in Charlotte County will be $314,827 The FHA Mortgage Loan Limit in Collier County will be $450,800 Our company is a full service mortgage company offering FHA Mortgage Loans, Conventional Mortgage Loans, VA Mortgage Loans, USDA Mortgage loans and Jumbo mortgage loans in the state of Florida. If you have any questions about mortgage loans, please call our office at 239-691-6546!...Connect With Us
