Guest Post from Mortgage Expert
Here is another guest blog from Vice President of McLean Mortgage, Troy Toureau. Troy has put together some great thoughts on what the recent dip in mortgage rates in the current market means to you, as the consumer. If you’re ready to talk about what this means for you, give me a call today!- Genevieve
With rates hitting their lowest levels in the past four months on Thursday, homeowners and potential homeowners are seeing the return of an opportunity they may have thought they have missed just a few months ago. According to Freddie Mac, the worries regarding the government shutdown have caused the economy to pause and this has influenced rates to move lower.
The Freddie Mac weekly rate survey released October 24 indicated that rates on 30-year fixed loans had dropped almost one-half of one percent (-0.50%) since late August. No one can predict where rates are headed from here, but the recent decrease provides an opportunity for those who want to refinance their mortgage to–
· Increase cash flow by lowering monthly housing payments;
· Build up equity more quickly by shortening the term of the mortgage;
· Switch from an adjustable rate loan to the safety of a fixed rate; or
· Use equity gained recently to pay off debts and lower monthly obligations
Many times lower rates will enable homeowners to achieve more than one of these goals. Even if you did not qualify for a refinance the last time rates were this low, you should check with us as home values have risen in many areas and there are now new loan programs available which provide additional refinance alternatives.
And if you are thinking about purchasing, lower rates may qualify you for a larger home. Despite rising home values, lower rates have made purchasing more affordable for many Americans.
Again, without knowing how long these lower rates will be with us, we suggest you act quickly.
McLean Mortgage Corporation has become a Mid-Atlantic regional powerhouse in less than five years by building a team focused upon helping customers realize their real estate financing needs with minimum stress and maximum results. Realtors and customers know they can count on us to close their loans on time.
The LoanFirst™ program is designed to give homebuyers an edge in a competitive purchase market. LoanFirst™ should be the first step in purchasing a home. This exclusive program makes the entire process more efficient while giving buyers the edge at contract time.
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NMLS ID: 5618
11325 Random Hills Road, Suite 400
Fairfax, VA 22030
McLean Mortgage Corporation | NMLS#99665 (www.nmlsconsumeraccess.org)