| Low mortgage refinance rates are available. Lenders | | | | Anyone whose current mortgage loan rates are |
| are doing everything they can to help you afford to | | | | 6.25% or more. Though specifics and qualifications |
| keep making payments, so mortgage refinance rates | | | | vary from lender to lender, many mortgage firms will |
| are low right now. Nobody knows how long this low | | | | offer affordable zero-out-of-pocket loan deals in |
| rate trend is going to last but experts say consumers | | | | exchange for an extra quarter-point on the interest |
| with pretty good credit scores, or those with | | | | rate. In other words, if a borrower who has a |
| adjustable rate mortgage loans, should refinance | | | | mortgage loan with a 7.5% interest rate refinances into |
| immediately. This way, you will not miss the savings a | | | | a lower, more affordable interest rate of 5.75%, the |
| new rate will provide. You can save hundreds, even | | | | lender would just include an additional 0.25% onto their |
| thousands of dollars by taking advantage of the | | | | qualifying 5.75% rate giving them a new 6% interest |
| current rates. | | | | rate loan. This would result in a savings of 1.5 |
| As adjustable and interest-only loan rates are resetting, | | | | percentage points, which translates into the savings of |
| many people are finding their mortgage payments | | | | several thousand dollars each month and over the life |
| have inflated. If this is you, you may be able to take | | | | of the loan. |
| advantage of lower, fixed rates - often with no out of | | | | Many lenders report that the majority of the most |
| pocket closing costs. Certain credit types can take | | | | recent home loan inquiries were refinance loan |
| advantage of 'no cost' refinance loans where the | | | | applications, with the state of California leading the |
| lender rolls all transaction costs into the new interest | | | | way. No matter what state you are in, my advice is to |
| rate. This way, they require no out of pocket costs at | | | | take advantage of low refinance rates now, get a |
| the closing table. Experts say these loans are 'are | | | | lower mortgage payment, and save yourself some |
| absolutely an option' for many people and they save | | | | money. You never know how long the low rates will |
| you a lot of money. | | | | last. Take advantage while they work in your favor. |
| Who can benefit the low mortgage refinance rates? | | | | Ken S. |