Time to Re-Finance
Dec. 14, 2009
A friend of mine just re-financed his mortgage at a 4.1% rate. This was half a percentage point lower than what was listed on Yahoo's mortgage rate page. Incredible! Two re-finance companies got into a bidding war to get his business. He went with Pacific Mortgage.
He has a FICO score above 800. You may not.
He accepted a 15-year mortgage. This will mean that he will pay off his home five years early. He will also save $40 a month on his mortgage payments. This is a terrific deal for a man 59 years old.
The Federal Reserve System is still buying Fannie Mae and Freddie Mac bonds. This is holding down mortgage rates. The FED has said it will cease doing this on April Fool's Day. This may be a pre-April Fool's joke. Maybe it will keep buying.
I suggest that you consider re-financing. Go on-line and see what rates are available.
Anything around 4.2% is a deal. I got that on my home in April. Rates went up. Then they came down. It's worth checking.
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