This Article Is About Mortgage Rates Move Lower And Hit 2019 Low After FED News
Mortgage Rates Move Lower And Hit 2019 Low After FED News today. Mortgage Rates Move Lower today hitting an all-time low for 2019. This is great news for both home buyers and homeowners thinking of refinancing their mortgages. Mortgage Interest Rates have been steadily dropping since the beginning of the year. After the Federal Reserve Board announced that the FED will not increase rates for the remaining of the year, mortgage rates have been sliding. Mortgage rates dropped to 4.23% from 4.34%. This dramatic drop took rates to a 52 week low.
Refinancing To Lower Rate Home Loans
Gustan Cho Associates expects lower mortgage rates for 2019.
- Many homebuyers who purchased homes in 2018 will see an opportunity to refinance their home loans and save money
- FHA and VA Streamline Refinancing is expected to become very popular in the weeks and months to come
- Many home buyers who bought their homes with higher rates NON-QM Loans may have the opportunity to refinance their NON-QM Loans to government and/or conforming mortgages
- There are no waiting period requirements on non-qm loans
- Many with credit issues or recent late payments in the past 12 months were able to purchase their homes with non-qm loans
- However, non–qm mortgage rates are higher than government and/or conventional loans
- With sliding mortgage rates, homeowners can refinance their non-qm loans into traditional mortgages
- Gustan Cho Associates at NEXA Mortgage, LLC also launched the Homes For Heroes Mortgage Program for veterans, first responders, medical professionals, and teacher
VA And FHA Streamline Refinance Mortgage Guidelines
With Mortgage Rates Move Lower, borrowers can take advantage of the no-cost VA and FHA Streamline Refinance.
- VA and FHA are the only two loan programs that allow the fast track streamline refinance loan program
- Borrowers who closed on their VA and/or FHA Loans in 2018 with high mortgage rates may want to take advantage of a streamline refinance at lower rates
- There is no home appraisal or income documents required on streamline refinances
- Credit scores will determine mortgage interest rates
- The higher the credit scores, the lower the mortgage rates
Most streamlines close in 21 days or less. Borrowers often get to skip 2 months mortgage payments after closing on a VA and/or FHA Streamline Refinance.
Do You Meet Net Tangible Benefit Test?
Borrowers cannot do a rate and term refinance unless they meet the net tangible benefit test. In order for a lender to do a rate and term refinance, borrowers need to benefit from the refinance or they cannot do it. Contact us at Gustan Cho Associates at NEXA Mortgage, LLC at 800-900-8569 to see if you can benefit from the lower mortgage rates available today. Or text us for faster response. You can also email us at firstname.lastname@example.org. We are available 7 days a week, evenings, weekends, and holidays.
June 19, 2019 - 2 min read