HOW TO REFINANCE AND GET THE LOWEST MORTGAGE RATE

HOW TO REFINANCE AND GET THE LOWEST MORTGAGE RATE

President Obama has released details of his Housing and Mortgage Stimulus Plan this week. Now what?

If you currently have a mortgage rate of 5.50% or higher you need to call!

The fact of the matter is that mortgage interest rates are very low right now. But there are ways to ensure you get the lowest possible mortgage interest rate on your new Massachusetts Mortgage Loan.

So, what can you do to make sure you can get the lowest rate? Start the process right now!

- We can determine if today’s low rates make refinancing a good solution. If not..
- Complete a comprehensive Refinance Mortgage Analysis worksheet so we can determine your target rate
- We submit your mortgage loan application to receive your mortgage loan approval from the lender.
- Upon approval you can decide if you want to lock in the preferred 1st column pricing* or float your rate.
(*This could reduce your rate .125-.375%).
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What happens when we have a sudden drop in mortgage interest rates?

- There is a flood of new applications taken
- When the volume exceeds the ability of the lender’s current staff to handle the lenders will raise the rates again. (Currently there is significantly less staff at the lenders due to the past slowing real estate market)
- Drops in mortgage interest rates in the past have only lasted a very short period of time and most people lose out.
- Underwriting turn times fall way behind and force the rate locks to be extended out to 45-60 days. (At the time of writing a large majority of lenders are 30-60 days out for refinance closings)

For those that decide to wait and not take action they will end up obtaining a higher mortgage rate and it will cost many thousands of wasted dollars over the repayment of your mortgage loan.

You have a choice, either save tens of thousands of dollars in your account or repay it needlessly to the bank. You decide.

Remember, when rates drop and you start the process at that time like everyone else, you will have to lock in for a longer period and will be getting a higher mortgage rate than you could have if you had planned. This eliminates the benefit you thought you would have received from waiting for a drop in mortgage rates.

We are looking at an incredible opportunity to be able to lock in mortgage interest rates lower than they have ever been. Put yourself in the best position to make the most of this situation and don’t miss out.

I am currently taking mortgage applications 7 days a week for your convenience. Call now to set up an appointment as I am currently booking appointments days in advance.

Jeff Drew is a Massachusetts Licensed Mortgage Loan Originator (MLO#41456) with Star Mortgage (MB1206) in West Bridgewater, MA. He can be reached at his Office at (800)-941-5616 or Cell (800) 984-3523. www.JeffDrewStarMortgage.com