Is now the right time to lock in a low rate by refinancing your current mortgage in Michigan? There are many reasons you may want to look at a mortgage refinance loan. Some of the more common reasons to have your loan refinanced include:
Lowering your current interest rate: There are a lot of different factors that determine where current mortgage rates sit. One thing you can count on is that over time the average rate on a home loan will move up and down. You may find that the available interest rates in MI have fallen enough for you to save on your monthly payment. Obtaining a lower interest rate on your home loan not only can help you save money each month but that savings can be used to pay off your mortgage faster.
Converting from an adjustable to fixed rate: During the housing boom many Michigan homeowners took out interest only mortgages or adjustable rate loans. Once their locked in period expired many began to see their rates increase over time. If you find yourself in a position where your rate is increasing you may want to look at locking in a rate with a fixed rate mortgage. Refinancing into a fixed loan can give you the piece of mind in knowing what your mortgage payment will be from month to month.
Cash-out refinance: If you have accumulated equity in your Michigan property you may want to tap into that equity to pay some bills. Some of the things homeowners use their equity on include paying for a child’s college education, home improvements or paying off some high interest rate credit card debt.
No matter if your reason for looking to refinance your mortgage is one of the above or not one thing is certain. Refinancing into the best loan possible takes some homework. Take a moment and find the best refinance rates today with an experienced Michigan lender near you!
Michigan Mortgage News
Freddie Mac: 30-Year Mortgage Rates Drop To 3.78% - The Inquisitr Freddie Mac released its newest survey on Thursday which showed 30-year fixed-rate mortgages slipping from 3.79% to 3.78% The survey also revealed that new home sales have been on the rise as low rates make those purchases more affordable for ...
Mortgage Rates for 30-Year U.S. Loans Fall to a Record-Low 3.78% - Businessweek U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended today from ...
TD Canada Trust changes residential mortgage rates - Yahoo Finance TORONTO, May 24, 2012 /CNW/ - TD Canada Trust is changing its mortgage rates, effective May 25 2012, as follows: About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth ...
Report: Mortgage rates hit rock bottom - The Business Journal U.S. mortgage rates hit record lows for the week ending May 24, MarketWatch reported Thursday. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.83 percent. Meanwhile, the San Antonio housing market ...
30-year mortgage rate hits another record low - CNN Money NEW YORK (CNNMoney) -- Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row. The 30-year fixed mortgage, the most popular mortgage product, dipped slightly to ...
