When you’re looking for a new home mortgage or a refinance, there’s no time like the present to start looking, even if it is Friday the 13th! Don’t let superstition stop you from getting a great mortgage rate. Now is a great time to buy, actually.
With mortgage rates staying low and the housing market red hot this Spring, you really have to make sure that you get your mortgage secured before rates rise. After rates have been low for so long, the government could decide to play their rate card this year, raising rates across the board for new mortgages and refinances.
How can the government raise rates? They are in charge of the benchmark interest rate. It’s been between zero and one-quarter percent since 2008. The economy was in the toilet at that point, in the longest recession since World War II and jobs were disappearing at an unprecedented rate. The government set the federal funds rate, or the amount that banks charge each other for overnight loans, to zero. This, along with the government buying mortgage securities and bonds, helped drop rates to their current lows, pushed a stock market boom, and helped build a sustained economic expansion. Now, with the economy rebounding, the theory is that people can afford higher rates. Refinance quickly to make sure that you aren’t left out in the cold, or paying too much for your new home!
It’s also a great time to refinance with Summer approaching. When you refinance with The Home Loan Expert, Ryan Kelley, we let you skip a couple of months of payments, giving you money for vacations, additions to the home, weddings, or home repairs! With a Cash-Out Refinance from The Home Loan Expert, you can take money out of your house to use for anything you want, including paying off credit cards or other high-interest bills.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?