Mortgage Rates Down Again!
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.
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.