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How many homeowners have you worked with in the past who seemed overwhelmed by the entireandnbsp; process? If youandrsquo;re like most mortgage brokers or real estate agents, then you know quite a few.andnbsp; There are seemingly countless people who haveandnbsp; bought homes who wish, several years later, thatandnbsp; they had worked a bit harder or perhaps waited aandnbsp; bit longer to get the better mortgage rate orandnbsp; terms or points.
Or perhaps there are those homeowners whoseandnbsp; credit wasnandrsquo;t quite where they would have likedandnbsp; it to be at the time of their application andandnbsp; were left with a rate that now seems unfair toandnbsp; them. They signed to paperwork, theyandrsquo;re lockedandnbsp; in, but refinancing is always an option and rightandnbsp; now could be the best time to encourage theseandnbsp; homeowners to refinance to a better mortgage.
Interest rates continue to remain at historicandnbsp; lows
One of the major indicators that right now is theandnbsp; best time to refinance is that interests ratesandnbsp; are at their lowest levels in history. There areandnbsp; individuals who are securing thirty-yearandnbsp; mortgages for under five percent. If a homeownerandnbsp; can move from paying just over seven percent toandnbsp; around five, that would equal tens of thousandsandnbsp; of dollars by the end of the mortgage term.
At this point in time, no one really knows whatandnbsp; the federal government will do with the interestandnbsp; rates in the coming year. Many andlsquo;expertsandrsquo;andnbsp; predicted that the rates would have increased byandnbsp; now and still the Fed is holding them at nearandnbsp; zero percent for lenders. There are millions ofandnbsp; homeowners who would benefit from refinancingandnbsp; their mortgages now thanks to these low interestandnbsp; rates.
Credit score has improved
Another major reason that now is a good time forandnbsp; homeowners to consider refinancing their mortgageandnbsp; is that their credit score will have likelyandnbsp; increased since they purchased their home. Thisandnbsp; certainly isnandrsquo;t for all homeowners, but those whoandnbsp; may have missed payments, been slow withandnbsp; payments, or made other mistakes when trying toandnbsp; build their credit history prior to purchasingandnbsp; their home.
A lower credit score will certainly affect theandnbsp; mortgage rate they receive and if they haveandnbsp; managed to boost their credit score by twenty,andnbsp; thirty, fifty, or even one hundred points sinceandnbsp; they took out their mortgage, then now, with theandnbsp; low interest rates, is the perfect time toandnbsp; refinance their loan.
Banks are hungry for positive business
People arenandrsquo;t buying homes at the moment. Thereandnbsp; are a number of reasons for this, but with theandnbsp; housing crisis of the past few years, that hasandnbsp; left many homes foreclosed. Banks are sitting onandnbsp; empty lots and dealing with increased competitionandnbsp; for customers. That usually means that sinceandnbsp; demand is low, rates will be lower.
A homeowner who is looking for a better mortgageandnbsp; rate will likely be able to find it with anotherandnbsp; financial institution, especially if they haveandnbsp; already proven that, through this economic crisisandnbsp; and housing mess, they have been paying theirandnbsp; mortgage on time every month. The business end ofandnbsp; the industry is sitting in their favor.
Many people are in a holding pattern
There are many homeowners who are staying put with their homes and their mortgages. The value of their home may have dropped since they purchased, especially if they bought their homeandnbsp; four or five years ago and they are merely waiting for the value to come back up. They mayandnbsp; use this as a justifying reason why they arenandrsquo;tandnbsp; willing to refinance right now, but it is precisely the reason that they should consider it.
There has really never been a better time toandnbsp; refinance to a lower rate. If thereandrsquo;s room toandnbsp; make significant savings for the homeowner, thenandnbsp; it may pay to encourage them to at least lookandnbsp; into it.
David Reinholtz is a professional <a href=” http://www.loanofficerschool.com”> Mortgageexpert in Real Estate Industry </a>.David is alsoa sales and marketing expert and trainsprofessionals in every career field.David haspersonally trained tens ofthousands of loanofficers, mortgage brokers, real estate agentsand individuals through The Close More UniversitySeminar Series, <a href=” http://shop.loanofficerschool.com/”>LoanOfficerSchool.com Classes </a>,Correspondence and On Line Learning, andcountless private engagements and training eventsthroughout the country.
David is the Founder and CEO ofLoanOfficerSchool.com, an approved educationprovider for The Conference of State BankSupervisors and The National Mortgage LicensingSystems' (NMLS) required pre-licensing educationand continuing education.
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Date: Mon, 8 Nov 2010 -
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