Mortgage Rates Down Again!

This week Freddie Mac announced that the average mortgage interest rate has once again hit a new record low (12/03/2020). Homebuyers get yet another chance to lock in record low rates according to Freddie Mac’s Primary Mortgage Market Survey.

Image and survey data taken from Freddie Mac’s website posted 12/03/2020. Visit http://www.freddiemac.com/pmms/ for more details and disclosures of their Primary Mortgage Market Survey. This is not a commitment to lend. Interest rates change and the current rate may not reflect these averages.

Want to make sure you are getting the best rate and terms? Go ahead, shop around. We encourage it!

We are confidant that we can compete with anyone on the best all-around rates, terms, and service. That’s why nearly all our reviews are 5-star!

If you are considering a home purchase or refinance, here are some tips to navigate this crazy ride.

1 Take advantage of these low mortgage rates while you can. And if you like to play the numbers, get your application in and have your loan officer inform you when rates hit a low so you can get locked in. A rate lock means you don’t have to worry if rates jump up again.

2. Take advantage of low rates AND high equity. The double-whammy of a low rate and high equity means you may be able to remove additional loan fees like mortgage insurance, making your monthly savings even greater with an Intercap refinance. If you are concerned about resetting your loan to a longer term, you can take advantage of an even lower 15-year rate or take some of that monthly savings and pay it to the principle of your new loan.  Either option usually results in a faster payoff and less overall interest paid.

3. Learn how to consolidate debt, pay less interest, and get out of debt quicker with a refinance. If done right, debt consolidation through refinance can mean less interest and faster payoffs. The secret is how you use your equity. Rather than cashing out and buying more, cashing out and paying more towards your debt is how homeowners are leveraging low rates and high equity and paying off their home and other debt in record time.

Contact an Intercap Loan Officer to help you create a home and debt payoff goal and let your home equity work for you.

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 underwhelming 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

Buying a home versus renting
Intercap Lending San Diego Team

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