Relief From The Mortgage Industry
May 24, 2009 by admin · Leave a Comment
If you are like most people these days , you are looking for ways to cut back on expenses. There is not much positive that can be written about the financial institution in this country. However, even in the midst of the worst economic crisis this country has suffered in generations, there is a glimmer of good news and it comes from, of all places, the mortgage industry .
Remember the ultra low mortgage teaser rates to persuade you to secure your mortgage. Yep the same rates that supplied the energy for the housing boom and ultimately the housing bubble bursting. Well it seems that same industry is making refinance mortgage rates even more attractive.
Fixed mortgage rates are now available at below 5%, the lowest they have been in some time. These rates do not include jumbo mortgages, but still many people could be helped. If you plan on staying in your home more than 2 or 3 years, you can save money.
One of the principle reasons for the housing bubble bursting was that many loans were made outside of traditional guidelines of approving a mortgage. Mortgage lenders are stricter and your monthly mortgage, insurance and taxes should not be more than 31% of your monthly income. Imagine that , making loans with some fiduciary responsibility. Closing costs can be costly so make sure that it is worth it to refinance.
These offers are not for everyone. Many are struggling just to maintain current payments on their mortgages. If you have been able to keep current with your payments and your FICO score will allow you to refinance at a good rate, it warrants your due diligence to research your options
