Mortgage Rates are Still the Deal of the Century

It seems like mortgage rates are on a crazy roller coaster soaring up one day and down again the next. Here’s a few things to consider to get a great rate in today’s market.

1. Get your purchase or refi application in TODAY and ready to lock. Imagine riding a roller coaster without a restraint. That would be a scary ride! A rate lock lets you hold onto a low rate even if rates go up. When you have your application in and approved for a loan, your Intercap loan officer can lock you into a good rate when the time seems right, and you can continue to ride this crazy roller coaster without fear. The key is to get ready to lock with an approved application. Intercap Lending loan officers are experts at navigating rates and locking you in at the perfect time.

2. Even with the rates jumping up and down, we are still at a century low. Take a look at this chart provided by Freddie Mac showing the average rates since the 1970s. According to Freddie Mac, “Over the last 45 years, [mortgage interest rates] have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close— all to your advantage.

3. Low rates are not totally out of your control. Preparing to buy or refinance ahead of time can help you get a better interest rate. Credit scores, down payment (on a new purchase), debt to income ratios, and other factors can determine your actual interest rate. Added costs and rate increases are called Loan Level Pricing Adjustments. If you want to get the best rate at any time, learn what you can do to be ready. Intercap Lending loan officers can help you make smart financial decisions as you prepare to buy or refi. Don’t wait until you are ready to pull the trigger on a new purchase or refi and take your chances. Contact an Intercap loan officer today to get ready to make a smart move at the right time.

Find out how much you could gain from a refinance.

“When I decided to refinance I checked with some of the major banks but they offered overwhelming rates and steep out-of-pocket closing costs. Then I found Intercap who offered me in a fantastic rate. David was extremely helpful during the process, made everything clear from the beginning and all the promises he made about timing and ease were honored. We closed in 3 weeks and I had no out-of pocket costs. Most importantly, I have reduced my loan by 10 years while keeping monthly payments very similar to what I was paying in a 30-year term. I will also save $130k during the loan term! I had hesitated refinancing because the process when I bought my house two years prior had been so long, time-consuming and stressful that I didn’t want to go through that again. But this time I had to do so little that I hardly noticed the process. Now that it is over I strongly recommend both Intercap and its loan processor David for anyone’s refinancing needs.”

– Reviewed by Ruben

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