Home owners discovered an unexpected reason to give thanks over the Thanksgiving weekend – some of the best interest rates in years! Few predicted this glimmer of hope amidst the uncertainty and angst in the financial markets. With headlines screaming about the bailout, Citi’s difficulties and the recession debate, one of the biggest turn of events is progressing with little fanfare. It’s a great time to buy a home in Texas and an EXCELLENT opportunity to refinance.
Many of our Alamo Premier clients who were contacted with the good news were unaware it had even occurred. Nevertheless, many jumped at the chance to decrease their monthly payments. With property values remaining strong in the Lone Star State, the Texas refinance options are extremely appealing. Rates in the mid 5’s are the order of the day. Thankfully, this positive news is slowing making it’s way into the media and helping change the existing negative lending perceptions.
This clip is courtesy of a Maryland television station. The comments regarding training for loan officers is consistent with the requirements in Texas.
So, are these low rates the new reality or just a window of opportunity? Most likely, it’s the latter. The bond market has the greatest influence on these residential rates. The 10 year bond has been dropping and rates have followed. It’s just a matter of time before it changes course.
Is it a good time for YOU to refinance? A simple ten minute phone call to your local mortgage broker will provide the clarity needed. Home owners need to know their options, how much they will save each month, will they qualify and if the additional amount added to the loan will provide a financial benefit. The Texas FHA programs are also very strong right now and provide further lending options.
Please feel free to call me and discuss the best options for you and your family. Don’t waste a good opportunity – check it out and make sure it provides a real financial benefit. If so, REFINANCE!
Greg Matson – Vice President
(888) 340-1390
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