It’s a great time to refinance your home as mortgage rates hit another record last week, dropping down to their lowest level since Freddie Mac began tracking the rates in 1971.
According to WWJ and Fox 2 Business Analyst Murray Feldman, in many areas, right now a person can get a 15-year loan for about 4-percent, on average.
“However, nothing is easy these days. You have to have great credit in order to get this. Money is still very very tight. And restrictions are going to be very, very tight. Many of these low rates we’re seeing are only on the big loans, $200-$250,000 and up,” Feldman said,
If you don’t have great credit, Feldman said you should shop around at different types of financial institutions.
“The banks are regulated differently than mortgage brokers, mortgage companies, and some credit unions. So check around at all of them because you may not fit into the best deal at a bank, but you may fit into the best deal at one of the other mortgage types of businesses,” he said.
Feldman said the low mortgage rates are great for those who have great credit, can afford to buy a home, and those whose homes’ values have not dropped too much.
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