July 12, 2024
  1. Interest rates continue to hover around all-time lows, making is sensible for anyone carrying a higher-rate interest loan to consider refinancing. With some exceptions, a half-point to a one-point drop in rate will generally make refinancing worthwhile.
  2. Low, fixed interest rates make converting from an adjustable rate loan into a fixed 15- or 30- year loan a smart move. Even if the adjustable payment is currently lower than a fixed-rate payment, when rates rise again, the monthly payment on an adjustable rate loan will quickly leap frog a fixed-rate loan.
  3. FHA efficiency mortgages provide consumers with an opportunity to refinance into a loan that will help pay for home efficiency improvements. These loans are meant to provide consumers with a way to make energy efficient improvements to their home as part of an origination or refinancing. This is a great way for homeowners to cost-effectively lower their utility bills through basic home repairs.
  4. Those homeowners who equity situation has steadily deteriorated, leaving them with little, no or negative equity in their homes, should ask their lender or broker for help. Most have some flexibility with government programs aimed at reducing rates for homeowners in weak positions.                    San Diego California real estate agents

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