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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!
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