Refinancing Becomes Viable Option As Mortgage Rates Fall NY1
Though mortgage rates may be down for the foreseeable future, now is a great time to refinance. NY1’s Tara Lynn Wagner filed the following report.Mortgage rates have been falling since February, and with the Fed saying they plan to keep the interest rate low until mid-2013, they’re not likely to climb any time soon.
While this has yet to cause a jump in home sales, there has been some action in the area of refinancing.
Michael Moscowitz of Equity Now says at the moment, refinancing makes up 90 percent of his business, mainly due to today's rates.
“They're very low. They’re as low as they've been in decades,” says Moscowitz.
Some may wonder what refinancing even means. Greg McBride of Bankrate.com says the definition is quite simple.
“When you refinance, what you are basically doing is taking out a new loan to pay off your old loan. You may do this for a couple of reasons,” says McBride.
One would be to switch from an adjustable rate mortgage to something more predictable, like a 30-year fixed. Those who are already in a fixed mortgage could also refinance to reduce interest rates. If a current mortgage is at 5.5 percent, for example, Moscowitz says refinancing now can easily save hundreds of dollars a month.
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Is there one website that you can go to and get home refinance rate comparisons instead of individual sites?
Try www.bankrate.com They have most everything concerning money and finance.
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