A bad economy can sometimes affect other aspects of your life in positive ways. Bad news in the economy is generally good news for interest rates. When the economy is doing poorly, interest rates tend to go down. Alternatively, when the economy is doing well, interest rates tend to go up. The fact that the economy is hurting right now is one of the primary reasons why interest rates are so low.
Do you want to add a deck off the back of the house? How about renovating that den? While the economy is not so great, New York and Connecticut home builders and renovators are looking for work. So what does that mean for you? Well… it means that you just might be in a better position to negotiate price. But that begs the question… how do you pay for the renovation? Easy. Now might be just the time to refinance your mortgage. American’s refinance their home loans approximately every four years. Is this your year?
Another possibility that a refinance allows you, particularly during tough times, is to restructure your debt. Refinance your home loan and pay off those nasty bills!
To refinance your home, you need to be certain that it makes sense to do so. Find out about penalties for paying off your mortgage early. Also, what interest rate are you paying right now? At Homerica Mortgage Corporation, we currently have some conforming loans with interest rates of 4.500% on a 30-year fixed mortgage (as of July 22, 2011. Please see our Conforming Loan page for more information and for any restrictions that may apply.) If your current interest rate is 5.00% or higher and you live in New York or Connecticut, give us a call at 877-451-3100 or use our Contact Us page to inquire about our low interest rates. We’ll help you determine if home loan refinancing makes sense right now.
– Bruce Lublin, President
Homerica Mortgage Corporation – Your first choice for mortgages in New York and Connecticut
