Mortgage Spotlight - Best First Time Homebuyer and Refinance Rates Are Available Now

Mortgage Spotlight - Best First Time Homebuyer and Refinance Rates Are Available Now

Best Mortgage Rates are Available Now

Mortgage rates are currently at an all time low and this is great news for homebuyers and homeowners looking to refinance to lower rates. Accordingly to Allen Cravello (President of American Capital Corporation in Los Angeles, CA) "Rates are at an all time low" so it's historically one of the best times in recent history to get financed.

First Time Homebuyers

While the government finished the $8,000 tax credit as of April 2010, FHA loans still allow first time homebuyers to get into homes with as little as 3.5% down. FHA loans have been around for a long time, but have recently emerged more into the spotlight due to the flexible qualifications that favor first time homebuyers. With great rates and low home values, it really is a great time for first time homebuyers to purchase homes.

An important part of home buying is finding your dream home, and it is essential to work with a knowledgeable real estate agent. Getting pre-qualified lets the agent know that you're not just kicking the tires and are serious about finding a home. Agents put more effort into serious buyers so getting pre-qualified should be your first step.

American Capital Corporation provides a free pre-qualification service and you can get one by simply calling 800-580-2200.

Refinance

Rates are currently at all time lows and product availability is the best it has been in the past 3 years. Homeowners should take advantage of low 15-year rates to help reduce the principal on their loans. If your rate is currently above 5.25%, going from a 30-year to 15-year loan helps accelerate principal reduction and won't increase your monthly mortgage payment.

You can call American Capital Corporation at 800-580-2200 to inquire about your refinance.

Thinking Retirement?

Steve Guilino (Managing Partner of American Capital Corporation) has helped many homeowners working towards retirement reach their goals while maintaining financial security.

His game plan focuses around cash flow, by utilizing the benefits of a 15-year mortgage. Even if you're planning on retiring before 15 years, just 7 years on a 15-year loan will reduce your principal significantly. Once you decide to retire, simply refinance back to a 30-year loan, and you now have a significant monthly payment reduction because you've paid your principal down.

You can listen to Allen Cravello and Steve Guilino on Mortgage Spotlight Saturdays at 3:00 PM Pacific Time on KRLA 870 in Los Angeles.

Listen to the podcast at www.mtgspotlight.com.

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