I hope you all had a wonderful Thanksgiving surrounded by your loved ones.
Mortgage rates have trended upwards the past three weeks, with significant daily swings, both up and down. World economic concerns (in particular, the European Union debt and banking issues) are the driving force of increasing rates, which are about .5% higher than in early November. Upward trends like this tend to spur homeowners that have been sitting on the fence to actually refinance.
If you’re one of those people that have been watching the market and would like a rate quote, please send me an email or give me a call and be prepared to answer the following questions:
Information Needed for a Rate Quote
- Your current loan balance, interest rate, and payment <If you have a 2nd mortgage, the current loan balance and payment.>
- Do you know what loan program or product you want (Fixed, ARM, FHA…)?
- Your estimate of your home’s value. Do you own a single-family home, PUD or condo? Is it your primary residence?
- Why are you looking to refinance? (Do you need cash-out? Are you trying to go from a short-term ARM into something fixed?)
- What do you think your credit score is?
And remember, if you’re not ready yet, you can always go on my Watch List.
