The mortgage market is constantly changing, and the news can be confusing and overwhelming. Interest rates rise, interest rates fall, and sometimes it sounds as if it’s worse than it is. The fact is, today’s market isn’t bad – it’s just different.
Rates of Interest: What Really Counts
The rates for mortgages have gone higher compared to rates from some years ago. However, they seem to be stable. Rather than looking at changes on a day-to-day basis, perhaps it is time you looked at your monthly payment.
Many consumers continue to purchase because the house and the price were what was important as opposed to the “perfect” interest rate.
Home Prices and Market Activity**
* Home prices in Florida seem to be stabilizing. Buyers have more choices, and flexibility has increased, but those who price their homes just right are selling. This represents a more balanced market. This market takes time and has nothing for those who are not willing to prepare in advance.
Refinancing Now
“Refinancing today involves more than just securing a good interest rate,” says Effros. “Homeowners are now choosing to refinance to save money on their monthly payments, pay off other debt, remove private mortgage insurance, or tap home equity to fund home improvements.”
Refinancing will have to affect your economic circumstances positively – not only will it look good when calculated.
Why Guidance Matters
“There’s no such thing as ‘the’ mortgage,” said Brian J. McMahon, managing director of Lombardo Investment Partners in Manhattan. “Loans these days are more planning-intensive than ever before.” Just the right advice can pay off in big ways.
Bottom Line
The mortgage market is still in motion. Buyers are purchasing, sellers are selling, and homeowners are refinancing on a daily basis. The trick is knowing what your choices are and making an educated decision based on what you want, not the news of the day. If you are considering a purchase, refinance, or just would like to understand where you are, a simple phone call can give you the confidence of what to do next.
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