It’s
one of those rare cases right now where you can get BOTH low rates and low closing costs. For most of this year if you wanted a rate below 5%, you would have at least 1% origination fees (or points). If you wanted $0. points, the rate would start at least 5%. Right now loans with $0 points have never been more affordable. Most $0. point loans can be had at 4.875% for 30 year fixed and some loans at higher loan amounts ($250,000. to $417,000.) and with higher credit scores can get rates as low as 4.75%. This means even if you have a rate of 5.25% or higher, it can be beneficial to refinance now, because of the lower closing costs. Rates are even lower for 15 year fixed for no points (4.5% or even as low as 4.375% for higher loan amounts). This is great news for all homeowners in South Carolina and North Carolina. With lower rates people are able to afford buying a larger home or homeowners are able to lower their existing mortgage payments and reducing their overall monthly budget. Plus when you refinance, many time you will skip one mortgage payment, this can often save over a $1,000.. If you have a mortgage at 5.25% or higher, now is definitely the time to look at how much saving you may save.
-Gary Schoenholz- Loan Officer Manager www.GaryTheMortgageExpert.com 864-979-1111
