I'm not sure how often that headline will be repeated, but interested consumers would be wise to get a loan application on file right now to take advantage of rates.
The thing is, once rates drop, those with applications already on file will benefit. Those who don't may not.
It takes much longer these days to prepare a loan file so a loan rate can be locked in. Lenders get backed up very quickly and you must get in line behind those who responded or are better prepared.
First come, first served is the mantra here. It could be hours, days, or weeks before your lender can get your file ready to lock.
Doing business with me, I have significant support staff and I work long hours....I'm just saying....
Honestly, your best bet is to get an application on file so I can contact you and review the sensibility of a refinance for you with some solid info to go on. Fill in everything you can and send it...I'll find you!
Go here and get started: https://0990471896.secure-loancenter.com/WebApp/Start.aspx.
Who can benefit? Anyone with a mortgage should be looking at the potential of lowering their rate. If you have an FHA or VA loan, in particular, it's very unlikely there will be a better time for you to do this.
Got a conventional loan? We have historically low fixed rates right now for 10, 15, 20, and 30 year terms. It may be a great time to reduce the term of your loan.
Why are rates so low? Take your pick: trouble in Europe (yes, we are in a global economy now), poor domestic jobs report, investors fleeing to the safety of mortgage backed securities, and general economic conditions. The fact is that rates are low and we don't know how long they will stay there.
Need to know what you will need for documentation? What the process is? Here's some general info (keep in mind that your situation will be unique to you): http://www.mijoymortgage.com/Loan_20_Process1.html
Again, your best bet is to get an application on file ASAP:
https://0990471896.secure-loancenter.com/WebApp/Start.aspx.
Until next time...
