Interest Rates Hit A Recent Low Today
I just looked at a rate sheet from one of our banks. Wholesale PAR rates are under 5.375 per cent. Par is where the lender makes no rebate and pays no fees. I have some suggestions if you think this may give you an opportunity to save on your monthly payments:
1- Contact one of the preferred lenders we link to off this blog.
2- Analyze how much you can save now.
3- make sure you understand the lenders full proposal to you, this means you will need a Good Faith Estimate.
4- Feel free to contact me for a second opinion, although I don’t do loans anymore I can help as a second opinion. I would guess I have personally closed over 700 loans and our companies have closed over 3000.
5- Don’t lock today, but play what I invented as the down down up lock game. In other words as long as rates go down each day, float. The moment rates go up, lock.
PS: In a market with the volatility we potentially have it is wise to refi with no costs or no additions to your mortgage balance. This gives you an improved position yet makes another refinance practical if rates keep dropping.
