Each day, homeowners across Southern California from Orange County to Los Angeles and Ventura, watch the change of interest rates waiting for the right moment or reason to jump in and snatch the lowest mortgage rate for refinancing available to them. With multiple reasons illustrated in the market over the last several months, homeowners have great reasons to apply for a low rate mortgage refinance, not matter what their personal goals are for their home, family, and or future.
As of this week, yesterday’s mortgage rates for a thirty year fixed rate mortgage and fifteen year fixed rate mortgage where both lower to last week’s interest rates as you can see below:
• 30 Year Fixed Rate Mortgage – 3.66% in comparison to last week – 3.67%
• 15 Year Fixed Rate Mortgage – 3.04% in comparison to last week – 3.16%
To help understand how these great interest rates can help you by refinancing your home into an FHA mortgage refi, here are 3 popular and important options on why homeowners are finding themselves seeking an FHA refi for their home mortgage loan….
1. Lower Monthly Payments | Depending on when you purchased your home and or if you refinanced in the past, you will know whether or not you can receive a lower interest rate. Most likely, if you have not performed a refi within the last 24 months, you are in a loan with an interest rate higher than what is available and or you are not in an FHA fixed home mortgage loan and awaiting the change of your adjustable rate mortgage (ARM) to begin. Regardless of where you currently stand with your home mortgage loan, both call for you to at least research your options and learn how a low rate mortgage rate can help you save money each month as well as lock you in an FHA fixed rate mortgage loan. With the choices for both a 30-year and 15-year fixed rate mortgage showing available with a low interest rate, refinance today and start benefiting from having a lowest mortgage rates available. This is not only beneficial for you today, but for the future of your financial portfolio.
2. Escape From Balloon Payments | For many 1st time home buyers, Balloon payment programs are attractive because they help to lower the initial monthly mortgage payments, giving ease and comfort as one adjusts to the monthly responsibilities of homeownership. However in the long run, the agreed fixed rate will end (usually within 5-7 years) and if you haven’t performed and FHA mortgage refinance, you will find yourself owing the complete balance on your home all at once. Positive note is, as a home owner in a balloon program, you can refi anytime over into another home mortgage loan. In today’s market, you also gain in receiving a low interest rate.
3. Home Equity = Cast Out | As each day passes, homeowners benefit in attaining the valuable future of ‘home equity’, creating a resource of value, assets, and extra income when needed. With increased value within your home, homeowners are able to perform a Cash Out refi and receive money to help pay for needed items. Such items can range from financial stability by paying down or off credit card bills, while other items can be such things as a new car, vacation, home improvements, or even college tuition. The great thing about refinancing your home, whether Orange County, Los Angeles, or Ventura, is that pending where you place the funds, you may even receive a tax deduction. The greatest point on homeownership is to by paying down your monthly mortgage, you attain equity, and with that equity, you then have the freedom of choice on where you need the built up equity to go. Whether you need a little or most of the equity built up, it’s a financial relief to know you have that option as a homeowner.
Join us for next week’s post on how homeowners can save their home by changing over into a FHA mortgage refinance home loan.
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