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"To Lock or Float the Mortgage Interest Rate: that is the question"

Lofts says:

MORTGAGE TIME…

With some mortgage interest rates at their lowest levels in decades, it’s a good time to refinance, experts say. Here are their tips on what to do:

1.Be persistent. Mortgage lenders have cut staff and are getting lots of calls, so you may have to be patient.

2. You may want to wait. Or maybe not. Even the experts disagree on how low rates will go or how long bargains will last. With 30-year mortgages below 5 percent, you can’t lose if you plan to stay in your house long enough for the lower payments to offset the closing costs.

3. Expect tougher lending standards. Many lenders are demanding much better credit and documentation of income and employment than in the past. A low home appraisal can also scuttle a deal.
4.Get your financial house in order. The Mortgage Bankers Association expects rates to stay depressed all year. That may give many homeowners time to improve their payment histories and to pay down their old loans to qualify for a new one before interest rates rise.

Posted on 01/17/2009 at 1:07 AM

mortgage news says:

According to Freddie Mac, the average rate on a 30 year fixed rate mortgage, as reported on Nov. 12, is now at 4.83%, perilously close to the all time low of 4.71% set back in April of this year.

Posted on 12/26/2009 at 10:22 PM

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