 Refinance ComparisonMonday, October 4, 2010 - Article by: Eleanor Thorne -
If you currently have a 30 year fixed rate mortgage on your $300,000 house at a rate of 5.5% you might be wondering if interest rates have gotten low enough for a refinance to make sense... and you might be pleasantly surprised! According to Freddie Mac, 22 percent of homeowners who refinanced in the 2nd quarter of this year, paid their mortgage balance down... we are definitely seeing a trend towards folks going to a 15 year or a 20 year term. People are not earning much in their savings accounts, or the stock market - so having a mortgage debt doesn't make as much sense! (for more info on this follow this link http://www.ncfhaexpert.com/2010/09/29/more-people-refinance-to-15-year-mortgage/) The current 15 year mortgage is well under the 30 year rate - and currently in the low to mid THREE PERCENT RANGE! So, could you take that 30 year mortgage, trade it in for a 15 year term... and SAVE money?? Yep. If you are considering a refinance in Raleigh North Carolina - call Steve Thorne, Mortgage Banker in Cary NC 919-649-5058 we have the best mortgage rates with the lowest fees! |
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