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COMMON QUESTIONS RELATED TO GETTING A MORTGAGE IN 2007
The mortgage market is constantly changing. This and combined with the fact that everyone's personal situation is different, it is difficult to give generalized information that is going to pertain to everyone. Below are answers to some frequently asked questions StarLoanServices.com has received that should help you with your strategies when looking to achieve a new loan or to manage an existing mortgage in 2007. If you would like us to analyze your situation, please contact us.

If you have two mortgages, you should determine if now is the right time to start paying one down.

 

What are the mortgage rates going to do in 2007?
The economists are predicting that long-term rates are going to rise 2007. This prediction was also made in 2006 and was only part correct. The rates increased over the first half of the year. However, they went back down over the next four months and eventually leveled off.

It is impossible for anyone to 100% accurately predict how the mortgage interest rates are going to move. Calculating that they will rise is a fair assessment. However, nobody, not even the experts are certain how high the rates will rise, for how long and whether or not they will go back down during the year's passing.

It is also possible that the rates will go down in 2007.

Is refinancing a good idea this year?
There are many variables involved when answering this question. If you are looking for a lower interest rate, it is likely that you should refinance now, and not wait till later in the year. Most analysts expect rate the increase through the year.

People refinance for many different reasons. Some people do so in order to eliminate their PMI, otherwise known as private mortgage insurance. Others look to get rid of their high interest home equity lines of credit, and consolidate all of their debt into their new mortgage. Getting rid of adjustable rate mortgage is another reason why people refinance. There are some potential dangers to be aware of when refinancing an adjustable rate loan.

If one of the above scenarios pertains to you, please submit a no-obligation request for a free refinance quote. One of our loan officers will quickly contact you and help you determine what your course of action should be. Also, please note that we will not run your credit when fill out the form for a free refinance quote.

 

When is a good time to refinance?
Refinance when you are ready! Meaning, so it when it makes sense financially. Don't wait for mortgage rates to drop. It is a big gamble to pass-up existing low rates with the intent of getting even lower rates. However, it is important consider the cost of refinancing during your decision process.

When applying for a mortgage, you should be content with obtaining a very good rate. Getting an excellent rate is going to be more difficult that you think.

Should I hold-off buying a new home?
If you are looking to wait for the housing prices to reach rock bottom, you'll be waiting a long time. It is impossible to predict what the housing market is going to do. If you find an affordable deal on a house you like, in an area you want to live, GO FOR IT! Any home you buy is almost guaranteed to increase in value over time. Apply for a mortgage today!

Top Articles:

 

Fighting the Assessment of Your Home
Determining What Fair Market Value Is
Is an Area a Buyer's Market or a Seller's Market?
Pre-Application Preparation



        

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