Mortgage Rates Back In the 3’s

With millions of homeowners out there, the opportunities are endless for them to save on their mortgage payments.  With mortgage rates back in the 3’s, as they have been, suddenly 5 million homeowners can refinance right now to today’s lower rates and save money.

The mortgage rate drops from March have let as many as 5 million homeowners refinance at a rate that makes sense to them.  There are real savings to be had but it may not last for that long.

How Does This Affect Your Mortgage?

The size of your mortgage has an effect on how much you will save, but lowering your interest rate WILL save you money.  Since rates are constantly shifting, by the time you read this, it could already be too late to save.  The only way to really find out is to talk to a mortgage provider.

Just know, if you’re currently paying a rate in the 4’s, you are probably paying too much, and we can put money back in your pocket.

Other Ways to Save

Since rates are so low and home values are skyrocketing, it’s a great time to use the equity you’ve built up over the years to pay other bills.  (Home equity is what the current value of your home exceeds what you still owe on your mortgage.) Since value is rising, that means you have options to work with.

A cash-out refinance, for example, lets you use that equity for home improvement, paying off credit cards, or other expenses that you may not have the cash on hand to accomplish.

Lower rates will also create higher demand, meaning that your home’s value could continue to rise with more buyers in the marketplace.

How Long Will This Last?

Mortgage rates are constantly changing.  It’s why we always try to get you to lock in at a rate you are comfortable with.  You don’t want to get caught by the bounce when rates increase.  March was one of the most-friendly months for purchasers and refinance in years.  Often rates sharply dropping leads to a bounce, when rates rise again.

To avoid the bounce, it’s best to strike quickly on a refinance, and make sure that you get that low rate locked in while it’s available.

Is Your Equity High Enough?

Even if you’re in a position to refinance, do you have the equity built up to qualify?  A “Rate and Term” Refinance may help there, as you can lower your rate and change the amount of years that you have remaining on the loan.  Paying interest on 15 years is a lot better than paying it on 30, after all.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656.  You can always apply online at for your VA Loan, and for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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