Now is the Time to Refinance Your Mortgage

Now is the best time to refinance your home mortgage. Mortgage rates continue to hit record lows. The economy is showing signs of gradual recovery. Along with the job market. The government and some of the nation’s largest banks are setting up programs to help homeowners refinance their mortgages.

Low interest rates, government programs, and improving economic factors should lead to a large number of mortgages being refinanced. However, even homeowners that have excellent credit and mortgage payment history are having difficulty locking in a deal.

The main reasons why locking in that deal is such a problem are the low appraisal values of their homes and the tighter lending standards put in place by lenders after the financial crisis.

For homeowners that can face the wait and overcome these hurdles, the reward can be very substantial. Interest rates are at historic lows. According to the data released by Freddie Mac in their weekly survey of mortgage rates, for the week ending May 24, the average on the 30-year fixed-rate was 3.78%. That (Read More….)