For over a year mortgage rates were dropping, and they hit what many experts are calling “the bottom”.
We worked hard to spread the word to US Veterans then, that it was an ideal time to refinance. We helped hundreds of Veterans improve their interest rates and purchase their dream homes. We loved helping these families, and loved seeing the joy behind their smiles when they signed.
Unfortunately, we were unable to get that word out to all Veterans in WA, OR, and ID, and now we’ve bounced up from “the bottom”. We’ve been surprised at the number of Veterans that have come trickling in with interest rates currently in the high 5 and low 6 percent range.
Even though rates have jumped up about 1 percent, if you’re one of those Veterans with a rate around 6%, you’ll want to jump in and start looking at refinancing right away.
Here’s a great reason to refinance. Did you know that for every $100,000 on a mortgage, a 1 percent interest rate increase will add approximately $50 per month to your monthly payment, and approximately $20,000 to the total amount of interest you will pay by the end of your loan?
Rates seem to have temporarily stabilized, making it an ideal time to talk with your lender about improving your financial situation. If you play it smart, you and your lender can still get you a great deal on a refinance or new purchase.