I looked at some of my recent newsletters and realized that most of them had a negative tone. Well today I have something positive! As you probably know, rates have been steadily dropping and are presently at or near their 50 year lows. This is great for everyone, but it is especially great for homeowners of a certain age (for example, me) who have been in the same mortgage loan for a number of years. Many of my peers are reluctant to refinance even though they could substantially lower their interest rate because they don’t want to “start over” with another 30 year loan.

Well, with today’s rates, you don’t have to! Recently I have taken applications from clients with mortgages of a 2000 to 2004 vintage, and put them into 15 year refinance loans. Normally the payment would be much higher for 15 year amortization versus 30 year, but current rates are so low that I have been able to keep their payments about the same as before. One of the few times you can have your cake and eat it too - a lower rate and a shorter payoff date!

I would be happy to run the numbers for you or for any of your clients that might be interested. Have a great week!