With interest rates now being so low a number of people have asked if it is a good time to refinance. Here is a calculator that I created to present information to homeowners to determine if refinancing made sense. Remember this is only a tool that you can use to see if it might make sense to refinance your mortgage.
If after using this calculator, you believe it is in your best interest to refinance then call a loan officer that is authorized to do business in your state. If in Ohio, please consider giving me a call. If outside of Ohio consider searching ActiveRain for a Local Loan Officer.
I also suggest that you avoid using general internet searches to find the best rates in your state. The most common companies that you will find are Lead Generation Companies that will then sell your information to a number of lenders. You are likely to recieve more phone calls and emails than you want.
Great advice. Stay local unless it is a really great referral!
If you have heard that the Federal Reserve is looking at a program to reduce rates down to 4.50% you may want to read Just read this http://online.wsj.com/article/SB122833771718976731.html . There is a proposal that is being discussed to revitalize the Housing Market with 30 Year Fixed Rates at 4.5%. Please read the article because the 4.50% (or whatever the rate ends up being if the proposal passes) would only be available to Buyers not to individual looking to refinance.
Brandon, thank you for your support with staying local. We hear alot about buying AMERICAN, I do believe that Homeowners refinancing should deal local for two reasons:
First they will like receive a rate equal to or better than they would from an Internet lender and they would also support their local economy. By example, an Internet lender might be located in New York, California or even as close as Pennsylvania. Refinancing from an Ohio Lender would create income for an Ohio Employee who would then in turn spend that income in OHIO, not out of state where the local economy would receive benefits. Just my Opinion.