Low Mortgage Rates: Best Time For You To Buy And Refinance Mortgage
Recently I came across a news report on Chicago Sun Times (http://www.suntimes.com/business/savage/14086260-452/mortgage-rates-make-this-best-time-to-buy-or-refinance.html) on low mortgage rates and low prices that has been providing an incredible opportunity to buyers to buy houses and also paving a smooth way for existing house owners for refinancing mortgage. The report states that the standard rate on a fixed-rate mortgage of15 years old now stands at 2.8 percent.
It is certainly great news for buyers who have been waiting for mortgage interest rates to go down. The recent drops in mortgage interest rates have lured a large number of potential buyers in Houston and Dallas area to invest in real estate. Though it sounds tempting, there are several buyers in Houston and Dallas area who are still apprehensive of investing in real estate and are giving a careful thought to it before taking the final leap; as the real estate market like other markets do not follow the same trend forever. Cases of lost equity and eviction notices in the recent past have made many people cynical in investing on real estate.
However, owning a house is the dream of every American and as real estate agents, we are confident that the current real estate market is ideal for buyers. It is the best time for buying as mortgage rates would not act as obstructions in the current scenario to an eligible borrower with a good credit record and appropriate financial resources to buy property whether as a first home or as a real estate investment.
The present scenario has also opened great opportunities for refinancing thus providing the struggling house-owners with the chance to refinance their mortgage. The incredibly low interest rate has made refinancing process much simpler. In fact, refinancing a mortgage has never been so appealing in the past 50 years. The current situation is also suitable for those home-owners who might have refinanced in their mortgage in the past and are willing to do an additional refinancing. At the same time, refinancing should not be the choice for those home owners who are not planning to stay in their home for a long time as it would prove to be costly affair in the end.
While applying for a mortgage loan for purchasing a new property or an additional refinancing, ensure that you do a proper investigation by comparing the mortgage rates online. Thereafter you should consult with the local lenders to check if the rates are compatible with that of the online rates. The key is to understand the terms and cost of the loan with all the fees (it is often referred to as an APR rate).
With rates this low, it is an excellent time to consider investing in real estate or taking the plunge to becoming a home buyer. If you have the financial stability, resources, and credit history, banks are willing to lend, and you could be taking advantage of these historically low interest rates and affordable prices in our Houston and Dallas markets.
It is certainly great news for buyers who have been waiting for mortgage interest rates to go down. The recent drops in mortgage interest rates have lured a large number of potential buyers in Houston and Dallas area to invest in real estate. Though it sounds tempting, there are several buyers in Houston and Dallas area who are still apprehensive of investing in real estate and are giving a careful thought to it before taking the final leap; as the real estate market like other markets do not follow the same trend forever. Cases of lost equity and eviction notices in the recent past have made many people cynical in investing on real estate.
However, owning a house is the dream of every American and as real estate agents, we are confident that the current real estate market is ideal for buyers. It is the best time for buying as mortgage rates would not act as obstructions in the current scenario to an eligible borrower with a good credit record and appropriate financial resources to buy property whether as a first home or as a real estate investment.
The present scenario has also opened great opportunities for refinancing thus providing the struggling house-owners with the chance to refinance their mortgage. The incredibly low interest rate has made refinancing process much simpler. In fact, refinancing a mortgage has never been so appealing in the past 50 years. The current situation is also suitable for those home-owners who might have refinanced in their mortgage in the past and are willing to do an additional refinancing. At the same time, refinancing should not be the choice for those home owners who are not planning to stay in their home for a long time as it would prove to be costly affair in the end.
While applying for a mortgage loan for purchasing a new property or an additional refinancing, ensure that you do a proper investigation by comparing the mortgage rates online. Thereafter you should consult with the local lenders to check if the rates are compatible with that of the online rates. The key is to understand the terms and cost of the loan with all the fees (it is often referred to as an APR rate).
With rates this low, it is an excellent time to consider investing in real estate or taking the plunge to becoming a home buyer. If you have the financial stability, resources, and credit history, banks are willing to lend, and you could be taking advantage of these historically low interest rates and affordable prices in our Houston and Dallas markets.