Refi Madness (But This Time It’s A Good Thing)

Ed Craine
January 5, 2009 — 1,278 views  
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Refinances are on the rise! In fact, some accounts have shown that refinance applications have surged 50% in the past week. But unlike earlier in the millennium, when refinances surged due to loans with teaser rates (Adjustable Rate Mortgages, aka ARMS), and Option Arms, this time the refinance craze is due to phenomenally low rates on 30 Year Fixed Mortgages.

30 Year Fixed rate loans are at their lowest levels in 40 years, currently in the low 5% range (sometimes even in the high 4% range). This can equate to huge savings (tens of thousands of dollars) over the life of a loan, not to mention substantial monthly savings for homeowners with equity in their home.

If you have a higher rate mortgage loan, it may be time to act. And certainly if you have an Adjustable Rate Mortgage, please give us a call. There is no way of predicting how long rates will remain this low, so contact us now at 415-406-2330 to see if you qualify for a money saving refinance you can begin enjoying in the New Year.

Happy New Year!

Ed Craine


Ed Craine is the CEO of award winning Smith Craine Finance, one of the oldest independent Mortgage Companies in San Francisco, California. A 25+ year veteran of the real estate financing industry, Ed has originated and negotiated loans in excess of $2 billion, to include both commercial and residential properties. He has simultaneously held such notable positions as Vice President of the California Association of Mortgage Brokers (CAMB), as well as serving as the Public Relations Committee Chairperson of the 5,000 member strong association during 2007, the year in which the mortgage industry received more media attention than in recent history. Ed currently also serves as 1st Regional Vice President of the Certified Commercial Investment Member Institute (CCIM). He will be inducted as Vice President of the Southwest Region of CCIM in September 2008.