It has been an interesting couple of weeks from an interest rate perspective. Last week, rates fell to their lowest level since 1971. One would think that would cause a new frenzy of eager homeowner's looking to refinance yet the turn out has been fairly lackluster. The MBA reports an uptick in refinance applications but the number is not where one would think it should be.
There are a lot of things that are likely behind the disappointing "increase" in applications - a lot of realistic things. But there is also a fairly large group of people that aren't exploring their options for the wrong reasons. I hear from many people that they have not bothered to look into refinancing as they just "know" it won't work due to home values or other assumptions. It still takes me by surprise when someone responds that way but has yet to speak with a professional about what options they have.
If you are a homeowner or are striving to be one, now is the time to step up and take some actions! Get a Second Opinion from a mortgage professional if you currently own your home. If you are hoping to be in the market to purchase a home, get in front of a mortgage professional right away to see what your options are . . . make sure you truly understand them as well!
At GHM, it is our mission to educate. We want all our clients to be informed and to take advantage of the services we offer them . . . services that come at no cost! It is time to put your financial house in order - this rate environment will not last. Do you really want to be kicking yourself when this rate boom is over for not taking the time to explore your options well it was here?!
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