Refinance Your Mortgage Before Rates Increase

Refinance Your Mortgage Before Rates Increase

If you’re one of the millions of homeowners in the U.S. that has an interest rate above 5% on your existing mortgage loan, don’t wait to refinance your mortgage because rates could soon be on a trend upwards as the economy strengthens.

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Thanks to the recently announced renewal of the Home Affordable Refinance Plan, there really hasn’t been a more favorable condition to consider refinancing your burdensome mortgage debt.  Most households that choose to refinance their existing mortgage loan have saved on average $3,300 per year on their mortgage costs. Take advantage of low mortgage rates, refinance today and put cash in your family’s pocket to pay household expenses, credit card debts and other high interest loans.

Refinance Today and Take Advantage of Today’s Low Rates Before They Rise

From many perspectives, the Home Affordable Refinance Program is for the middle class homeowner’s relief. If your mortgage is $625,500 or less (unless you live in a high-cost area then the loan limits may be higher), you most likely qualify. Basically, the Government wants banks to cut your rates, which puts more money in your pocket (which is good for the economy). However, the banks aren’t too happy about this – here’s why:

  1. You can shop several lenders, not just your current mortgage holder
  2. Your home’s Loan-to-value (LTV) can be 80% to 125%