For those who may be thinking about refinancing an existing mortgage, we'd like to share an email we sent out to our clients at the start of summer.  In case you thought you missed out, it's still a good time to refinance.  A few things to consider:

First and foremost, rates continue to drop! 
If your current rate doesn't start with a 2 or a 3, you might want to evaluate your options. Many homeowners are reducing their interest rate by a full point with no closing costs, saving themselves hundreds of dollars off the monthly mortgage payment.

Shorter term rates are more feasible than ever.
If you have been on the fence about shortening your term from 30 years to 15 years, this might help... current 30-year rates are where 15-year rates were a year ago and with 10-year rates under 3%, these loans are gaining in popularity.

Relief for FHA mortgages taken prior to June 2009.

  • Fannie Mae has initiatives to assist homeowners in refinancing today with no penalty for any loss of equity.  If you settled on your current conventional loan before June 2009, chances are you'll be able to lower your interest rate/monthly payment so long as your existing mortgage is current.
  • FHA loans which settled before June 2009 are able to refinance at today's lower rates on a streamline loan and keep the PMI that they have in place.  Current levels for PMI on FHA loans are more than double what they were prior to June 2009. This PMI adjustment will allow homeowners to refinance their existing FHA mortgage to current FHA rates that are currently 3.5% - 3.75% for 30 year loans.

As always, we'll be here to assist you with your settlement and title insurance, regardless of which lender you select. Don't have a lender? We'd be happy to introduce you to a few of the most reputable mortgage professionals in the area.

At Associates Land Transfer Company, our goal is simple--to provide you with sound advice when it comes to selling, buying and financing real estate, and to save you both time and money in the process!

Make sure that by refinancing you will reduce the overall cost of your loan.  To help calculate your savings, try this online refinance calculator.

When you refinance in PA or NJ, your lender will require a new title policy.  For a title insurance quote, including all fees, visit our website for a free online quote.  No personal information required.

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