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Refinance Opportunities in Palm Beach County

As of this date of this post, mortgage rates are at record lows. This makes for great home buying and refinance opportunities. Today we’ll focus on the refinance decision.

Refinancing is an opportunity to lower your payment, lower your term, take cash out of your home’s equity, or some combination of these benefits.

The general rule of thumb is if you can lower your existing rate by 1% or more, you should go for it unless you plan to sell within one year or less. Of course their are other considerations, but this guideline has serves most homeowners well.

One thing to note (and we’ve seen a lot of this lately) when rates tick down to a new lower level, is that lenders quickly get swamped with applications and take a long time to process your new loan. For most homeowners, this is fine since they are already living in the house, but there are a few items to note:

  • Keep making your mortgage payments.
  • Do your best to keep income, reserves, and debts all at the same levels as compared to when your credit was first pulled.
  • Make sure you lock your rate for a long enough time to cover the waiting period.
  • Ask your lender who bears the expense of extending a rate lock that expires due to long processing times.
  • Keep other parties updated on the progress… that includes appraisers, inspectors, insurance agents, and don’t forget… title companies.

As logic dictates, good things come to those with patience. So hang in there, even with the most smoothest, cleanest borrower application, it may take 45, or 60, or even 90 days to close, but you’ll benefit with one of the lowest rates in the history of our country!

For more information on title services in Palm Beach county or any other real estate related need, feel free to contact us for a direct consultation. We close loans daily at very competitive rates with excellent service.

The Law Office of Donna Hearne-Gousse

(561) 582-5670

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