Refinance Mortgage Rates Lowest Levels In 2 Years
This BLOG On Refinance Mortgage Rates Lowest Levels In 2 Years Was PUBLISHED On April 1st, 2019
Refinance Mortgage Rates hit a 24 month low. Since the beginning of the year, mortgage interest rates have been steadily dropping.
- Last week, mortgage rates hit a 13 month low after the Federal Reserve Board announced they will not be increasing rates for the remaining of the year
- This news from the FED to not raise rates instantly sent mortgage rates lower
- It created somewhat of chaos with borrowers with mortgage rates already locked
- Mortgage rates were at the highest levels since the 2008 Real Estate and Credit Meltdown
- Many home buyers closed their home loans last year with mortgage rates in the 5.0% level
- There are many borrowers with loan level pricing adjustments who closed their loans at 5.75%
- In this blog, we will discuss refinance mortgage rates
Homeowners should take advantage of refinance mortgage rates being at the lowest level since 2017. Anyone with
VA And FHA Streamline Refinance Mortgages
Great News for homeowners with VA and FHA Loans. VA and FHA Home Loans are the only two government loan programs that offer streamline refinances.
- Streamlines are a fast-track refinance loan program with limited documentation required
- There is no home appraisal, no income docs, and no credit scores
- However, homeowners with higher credit scores should take advantage of our credit score qualification streamline refinance program
- Reason being is because lenders will reward higher credit score borrowers with lower refinance mortgage rates
- Most VA and FHA Streamlines close in 21 days or less
- There is no money out of pocket on streamlines
- Most streamline borrowers often get to skip two mortgage payments
- Many streamline borrowers will get cash back due to escrow refunds and/or overages
Gustan Cho Associates at Loan Cabin Inc. are experts in VA and FHA Streamline Refinance.
Refinancing NON-QM To Traditional Mortgages
Non-QM Loans is becoming more and more popular every year.
- Many home buyers who do not qualify for government and conventional loans take advantage of
non– qmmortgages as a bridge loan
- NON-QM Loans have much higher mortgage interest rates than traditional government and conventional loans
- There is no waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
- Borrowers with late payments in the past 12 months can qualify for
non– qmborrowers have mortgage rates in the 7% to 9%
NON-QM borrowers can take advantage of refinancing
Other Benefits To Consider Refinancing
Home prices has increased in most parts of the U.S. The Federal Housing Finance Agency (FHFA) has increased conforming loan limits for three years in a row due to high home prices. HUD has followed FHFA lead in increasing FHA Loan Limits for three years in a row. Many homeowners do not realize how much their home has appreciated. Homeowners should consider doing a cash-out refinance to pay off their debts. Taking cash-out from your home’s equity is tax-free. No taxes need to be paid from the proceeds in a cash-out refinance. Homeowners can do whatever they like with the proceeds on a cash-out refinance. Home improvements, paying off high interest credit card debts, and making investments are common things many homeowners use with their cash-out refinance proceed.