If you are looking into buying a home, we can help you with locating the best mortgage to fit your needs. We are a mortgage broker in Rocklin CA. I will show people the average current mortgage rates on this site. I will also show you what underwriters look for when qualifying you for that home loan. There are many mortgage companies all over the web but if you need a home loan in the Rocklin CA area, we can meet face to face to talk about your mortgage needs.
It is a great time to look for a mortgage broker in Rocklin CA because mortgage rates are at all time lows. I added this video from msnbc that talks about the low mortgage rates. Our grandparents might have had rates this low.
If you are facing problems in paying out the mortgage loan that you have taken out, then you can certainly opt for mortgage refinancing. The most important advantage of mortgage refinancing is that it replaces the original mortgage loan with a new mortgage which is more affordable to you. The new mortgage loan that is being taken out is secured on the same property as that of the original mortgage loan. There could be a variety of compelling reasons for opting for mortgage refinancing. First of all, mortgage refinancing offers you the chance to save more. Generally, the monthly mortgage payment amount is lowered and it becomes easy to pay off the mortgage loan. The lower monthly mortgage payment amount offers you the chance to save more. Again, refinancing gives you the chance to shorten the length of your mortgage loan by reducing the term of the loan. However, in this case, you actually pay more than the original monthly mortgage amount and become free of debts much earlier. Again, the original mortgage loan may be an adjustable rate mortgage (ARM). If the market rate of interest goes up, the rate on the original mortgage may also go up. In such situation, you may want to switch to the safety of a fixed rate mortgage (FRM). The rate on a FRM is fixed. Anyways, here we discuss about some specific cases when you can opt for refinancing.
Build up equity
If you have built up sufficient equity in your home, then you can opt for refinancing. If your equity in your home is more than 10%, then you can opt for mortgage refinancing.
Check whether the refinance interest rate is low
As a thumb rule, if the rate of interest on mortgage refinance is at least 2% lower than the rate of interest on original mortgage loan, it makes sense to opt for mortgage refinancing.
Anyways, if you do not make any late payment is the past one year, then you have a fair chance to get a mortgage refinance loan. But before opting for a mortgage refinance, make sure that you have the right reason and requirements
The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.
For those who can qualify, it’s an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates.
On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.
Mortgage rates have tumbled because they tend to track the yield on the 10-year Treasury note. The yield has fallen in recent weeks, largely because investors are worried about the U.S. economy and the debt crisis in Europe. So they have shifted their money out of stocks and into the safety of Treasurys.
If you have an interest in buying a home in Rocklin, you should call Gordon at 916-261-2381 to get preapproved for a home loan before interest rates go up.
I stopped everything that I was doing this afternoon the write a quick article about how low the ten year note rate is now. The ten year note rate just closed at 1.72% as of September 22 2011. This is quite shocking for me because I dont think the note rate has ever been this low. A few weeks ago the ten year note rate dropped below 2.00% and I was amazed. I wrote an article on May 18th 2011 how the note rate just closed at its lowest levels of 2011. It closed at 3.12% that day. Now four months later the rate has dropped 1.40%. We had a refinance frenzy in June 2003 when the 10 year note rate was hovering around 3.32%. I remember those days vividly because I had so much refinance business and all the mortgage companies in Rocklin had long delays in underwriting mortgage loans. I just want to remind you that mortgage rates are tied to the 10 year note rate. We should have the refinance frenzy of all time right now, however, many homeowners just dont have any equity in order to complete a refinance of their existing home loan. If you are going to apply for a home loan in the near future you should expect a delay in completing your loan as many of the lenders dont have the staffs of years ago. It would be a painful delay like it was back in 2003 when every homeowner had plenty of equity. The federal reserve announce yesterday that they are planning on helping with lowering all interest rates along with fixed mortgage rates. It shall be interesting to see how low our interest rates can go. Once we hit a bottom in interest rates ,it doesnt last long so you should lock in your rate very quickly if you see a rate that you like.
Mortgage rates change daily. They follow the ten year note rate. This is the bond rate that the government issues on bonds they sell. On May 17th 2011, the ten year note rate closed at its lowest levels of 2011 at 3.12%. Now mortgage rates have followed and dropped down also. Here is a video from cnbc explaining todays bond rates.
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