Summertime Info to Beat the Heat

James Kroll

The Current Climate

While still at historical lows, mortgage rates have been rising along with the temperatures of late. Nonetheless, compared with rates touching 18%/19% in the ’80’s, the rates right now are looking pretty good.

Refinancing

For anyone thinking about refinancing, it is important to consider how long you may keep a particular house or apartment.

When staying for the longer term, a 15 year fixed rate mortgage saves thousands of dollars compared to a 30 year fixed rate mortgage.

Alternatively, if you know that you may not occupy your current home for more than five or seven more years, it could make sense to even consider an ARM (adjustable rate mortgage). These mortgages, fixed for a certain number of years, still have rates in the 3% range!

Here’s a link to an interesting article, “Refinancing, Despite a Rate Rise“.

Purchasing

For future home buyers, not only are rates still at historical lows, but the underwriting process has been picking up speed and leading to quicker closings. Contact me for more details and how to be best prepared to make a bid.

I am happy to be of assistance anytime, with no cost pre-approvals, building lookups, and specific queries you may have.

Stay cool out there!

Jim

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