Top 10 Reasons To Refinance Your Mortgage…Now!Ed Craine
May 5, 2009 — 1,587 views
If there is a silver lining to be found behind this otherwise gloomy economic state, it's that there are great deals to be found everywhere you look. From cars to houses, things have gotten much cheaper. And as a homeowner, that means your mortgage can get cheaper too. Here are the top ten reasons you should refinance now.
10. Interest Rates just don't get any better than this. We're talking in the 4-5% range!
9. Safe, government sponsored loans are available. The days of exotic, unaffordable mortgages are history! (For now anyway!)
8. Lack of equity isn't much of a problem. With new incentives from the economic stimulus plan, lenders are willing to refinance even if you don't have much equity.
7. You can be saving a lot over the life of a loan. You can literally save yourself tens of thousands of dollars in interest. Who couldn't use an extra $15,000, $30,000, $60,000,
$120,000 or more over the life of your loan?
6. You could be saving a lot every month. Refinancing into a lower interest rate loan can save you hundreds of dollars each month. How about an extra $200 or $300 or more in
your pocket each month?
5. You can pay off your loan faster. Just because you refinance into a 30 year fixed loan doesn't mean you can't pay it off sooner. Just paying a bit extra towards your principal each month can shave years off of the life of your loan.
4. Lending guidelines are loosening up. Even if you tried to refinance six months ago, only to find that you weren't able, you may be able to now. Major changes have taken place in the lending industry, and getting a loan is getting easier.
3. President Obama is even encouraging you to refinance. After all, maybe with the money you'll save, you can put it back in the economy.
2. What do you have to lose? Nothing! You only stand to gain if you can reduce your interest rate.
1. There is no telling how long rates will stay this low! Interest rates change daily, even hourly, and there is never any guarantee they won't start increasing again.
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.