May 16th, 2013 12:02 PM by BILL WILBANKS
That's right...rates have been going up. We've already seen them move a 0.25%-0.375% higher since they bottomed out at the lowest level since the start of the year. We're also beginning to hear positive feedback on home prices slowly gaining speed as well in recent months. That means higher payments the higher they go.
So what will you do with the opportunity today? If you plan on staying in your home for 5 years or longer, have you taken a serious look at refinancing? If not why not? If you can save $100 a month net income or more on your payment, that's $1,200 a year. For a simple comparison, if you make $50,000 yearly and are lucky enough today to get a 2% annual raise that's a $1,000 gross yearly increase...then take out the standard payroll deductions. That refinance payment savings looks even better by comparison.
If you haven't already tried it, why not click on one our free financial calculators to start playing with your own numbers and what-if situations. Don't wait till any potential benefit you might see today gets wiped out by these potential increases. Even if you believe your current home may be under water on equity, if the current first is owned by FNMA as many are we may be able toi solve that too with a HARP loan today. Just give me a call. But don't let your options pass you by folks.