Current Refinance Rates

Current Refinance Rates

Current refinance rates hit new lows. Today's mortgage interest rate is 3.25% for 30 years fixed rate. Mortgage rates are the lowest in over 50 years according to Freddie Mac.

The process of paying off an existing loan, with the proceeds from a new loan is known as a refinance. Borrowers often seek to secure a lower interest rate or to lower a monthly payment. The most common type is of refinance is a rate and term. In addition to lowering rates and/or the associated payment, a mortgage refinance often reduces the term of a loan and/or allows a borrower to switch between a variable and fixed rate. A refinance often consists of the same size loan, using the same property as collateral. In order to determine if a refinance is beneficial, the savings in interest must be compared to the fees associated with the refinance process. An example of a refinance fee is a prepayment fee.

There are many reasons to refinance. However, here are the 3 most common reasons I've seen. If you find yourself in any of these categories, start looking into the various refinance programs available to you.

Lower your monthly payments

Probably the most common reason for refinancing is to lower your monthly payments in order to ensure that each payment can be made.

There are various ways to lower your payments. One way to do so would be to increase your loan term in order to pay less for an extended period of time.

If you have an fixed rate mortgage and feel that you can't afford your current payments on the short term, but believe you will be able to deal with an increased rate later on, you might want to consider switching to an ARM because its rates will be fixed at a lower rate for a short period of time and then adjust later on when you know you can afford it. Conversely, if you have an ARM it would make sense to switch to an fixed rate mortgage with lower rates.

Decrease loan term

Many people choose to refinance primarily for that reason of decreasing the loan term while slightly increasing monthly payments. In the long term this probably will save them a lot of money thanks to a lower interest rate. They will also finish paying off the loan a lot sooner.

Cash-out

Many times there are other important debts people have to pay off or will need to pay off in the near future. Refinancing for more than you currently owe will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvement, or buying a car. Many times people can do so while getting a lower interest rate.

Current refinance rates hit new lows!

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Low Credit Score Mortgage Florida

    Apr 04, 24 09:41 AM

    FHA
    Low Credit Score Mortgage Florida Down to 500. Purchase or Refinance.

    Read More

  2. Credit Score Requirements for FHA 2024

    Mar 18, 24 09:08 AM

    FHA-LOAN-3
    Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500.

    Read More

  3. FHA Loan Requirements 2024 - FHA Loan Programs 2024

    Mar 15, 24 01:12 PM

    FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png