If you have been considering a loan refinance OR your current interest is at 5% or above... the time is NOW!! Do not wait. The rates are at historical lows, yet again, and they will not last.
According to the latest Freddie Mac survey, the average interest rate for a 30-year home loan dropped to 4.4% last week.
I have received almost a 1/2 dozen phone calls and emails from past clients over the past 2 weeks, all inquiring the same thing: Is a refi worth the hassle at this point? Here is a basic interest rate calender...
That being said, there are many other factors to consider during the loan restructuring process, as well: your current rate, how long you plan to stay in the house, how much equity you have, and the fees associated with the loan restructuring.
My best piece of advice on how to proceed to ensure a refinance is favorable to your current financial situation? Make a call to your lender, crunch the numbers, and see how the cards fall. It can't hurt and you can always change your mind. If it works out in your favor, however, it could save you a LOT of money.
