Posted by: msundermier | May 6, 2013

Low Rates + High Home Values = Perfect Time To Refi

Its no secret…home values are skyrocketing everywhere!  Sacramento Home Prices are up 31% in just the last year!  Besides leading to increased home sale opportunities for those looking to move-up, this trend has also led to more and more refinances.  In fact, most of my current refinance clients could not have refinanced just 6 months ago due to low or no equity.  But now, they’re experiencing the benefits that come with thier fast-rising home value.  If you’ve previously written off the possibility of refinancing, then its time to reconsider your options.  Even with only 5% equity, homeowners with credit scores over 740 have options to refi to 30-year fixed rates around 4% with no mortgage insurance.  And you don’t even need to be eligible for HARP to do it.

Speaking of HARP, the Home Affordable Refinance Program (HARP) has been extended through 2015.  HARP offers refinance opportunities for homeowners with no equity (see if you’re eligible).  It was set to expire at the end of this year but the government, in one of its rare recent occasions to agree on something, approved its continuance for two more years.

To make these opportunities even sweeter, mortgage rates remain super low.  I’ve been finding 30-year fixed rates around 3.5% and 15-year rates under 3% for clients with 20%+ equity.*

Bottom line…now’s the time to consider refinancing.  If you contact me this month to determine your refinance options, I will waive the initial credit report fee cost ($25 value).  As I’m writing this post, I have several specific clients that come to mind that should take advantage of these low rates and rising home values.  If I don’t hear from you, maybe you’ll hear from me in the coming days! 🙂  This is the perfect time to refi; I don’t want you to miss it.

*Rates shown are only meant as rough illustrations.  For full rate and APR details, please contact me. I assure you; rates like these are currently available for qualified borrowers

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