A Quick Refinance Test

Most of you that read my blog are aware that I am in the mortgage industry. Depending on your vantage point, people like me single-handedly caused the recent financial meltdown, West Nile virus, the gulf oil spill and probably global warming too. On a serious note, every once in a while I’ll chime in about the current state of affairs in my industry. Although it’s hard to believe, I’ve been actively involved with mortgages since 1991. During this time I’ve seen a lot of different trends and have been able to help friends, family and business partners maneuver through some pretty tricky water.

Whether you read the financial papers or listen to information on the radio it’s impossible to miss all the hype surrounding mortgage rates at this time. Admittedly, the same people who are on the airwaves imploring us to call while rates are the best they have ever been in the history of humankind are the same people who have been shouting the same message for the last two years. The only difference now is that it’s finally true – rates really are at historic lows.

Unlike previous refinance markets of 2003 and 2008, values have trended lower in the last three to four years and it’s no longer a given that sufficient equity will exist to allow for a refinance. Nevertheless, if you haven’t already done so, it’s worth checking to see if it’s possible to improve upon your current mortgage rate.

My assistant and I have put together a simple form if you’d like to have us take a look and see if a refinance makes sense. At that, I’ll wish you good luck and hope that this is something that is of benefit. I’m taking a break from blogging until the 12th. Talk to you then! You can find the form mentioned above here: Refinance form


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