"A Refinance, Now a Window of Opportunity"

“A Refinance, Now a Window of Opportunity”

Between emails and calls the last few days, many want to know if they should consider refinancing. The stock market and bond market have really been going crazy and interest rates have benefited from the chaos.

Most of the time, the answer has been NO, but here are a few opportunities. Over the last couple of years having done mortgages for client that required an FHA mortgage, because of credit and these mortgages were written at higher rates and all have mortgage insurance that will stay on for the life of the loan.

Many of these borrowers put 10% or more down. This becomes a perfect candidate for a refinance.

Nearly two years ago, I closed a loan that fit this opportunity perfectly. 20% down, 4.75% interest and a $215 for mortgage insurance. With their credit much improved, I was able to lock in a conventional mortgage at 4% and they will have no mortgage insurance.

These folks were the perfect candidate for a refinance.

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