Thanks to guest-writer Gregory Phillips from HomeStreet Bank for contributing this great article about the historically low interest rates available these days.
There are a lot of scary headlines these days. All you seem to hear about banks and mortgages is negative. But despite all the negativity, for some people there has never been a better time to refinance. Although rates have risen off their all-time lows, they are still at historically low levels, with 30 year fixed rates below 5% and 15 year fixed rates below 4%.
Now it is true that with the decline in property values, and regulatory restrictions, refinancing has become a lot more difficult, but what a lot of people don’t know, is that if your existing loan is with a government agency, either Fannie Mae, Freddie Mac, FHA, or VA, there are some special programs that allow you to refinance even if you now owe more than the value of your house. These programs don’t work for everybody; being government programs, there are some frustrating restrictions in place, but if you are employed, and have kept your credit in good shape, they are definitely worth a look.
The last few years have been a tough time to be a loan officer. The market has been constantly changing, and the misguided and predatory practices of some in the industry have given a bad name to all bankers. Throughout this time I have striven to treat my clients with integrity, to give them someone they can trust, even if that means sometimes telling them things they don’t want to hear. I feel fortunate to work for a good local bank which shares my values. At HomeStreet Bank, you never get lost in the corporate maze. You will know who your loan officer is and that I will always get back to you in a timely manner.
I would love to talk with you about your situation and see if there might be a refinance that could benefit you. Even if we are not able to do a transaction together, I am always willing to talk with you about your situation and give you some advice on how to get to where you want to be. Rates seem to have started going up, so now is definitely the time to take advantage. Please give me a call or send me an e-mail.