Many consumers today are still considering refinancing their home mortgages. Mortgage rates throughout Sonoma County and Petaluma are still in the low 4s. Folks that purchased their homes in the last year can still benefit by refinancing their mortgage. There are so many different options out there everything from local mortgage brokers to local mortgage lenders that offer their own direct financing. If a consumer has a mortgage rate over 5% today they should consider restructuring their debt and getting a lower monthly payment with a 30 year fixed-rate mortgage.
The overall economic trend of mortgage rates is stable to low. There were several different choices for consumers considering refinancing today. These consist of taking out a no points mortgage which allows the homeowner to keep costs reasonable and can secure a competitive interest rate. Investing a point or two to secure the lowest rate possible might not be such a bad thing considering this could be the last time the homeowner ever has to refinance their mortgage. Another consideration is a zero cost mortgage however the consumer will pay a little bit more for this type of loan over the life of the mortgage due to the lender paying the borrower's fees.
Overall the consumer needs to weigh out the cost benefit analysis and ultimately secure the lowest cost loan for their best financial situation. If closing costs on a mortgage or $3000 and the consumer is saving $200 a month by refinancing their old mortgage they're going to break even in 15 months on a cash on cash scenario. The interest savings over time is also a significant component. A sharp loan officer can also show the borrower the extra principal and interest savings over time they will receive by securing the lowest possible mortgage rate now while the market is favorable. If you or someone you know has been making their mortgage payment on time, has good credit scores and has some equity to play with whether that be in the home or money in the bank they should definitely talk to a loan officer and consider their options for securing the best possible interest rate in Sonoma County. Speaking to a local lender, a direct mortgage banker is probably the best choice.
The mortgage banker has the ability to place your loan with several different banks and has mortgage brokering capability. They also have significant control over underwriting and can close loan in 30 days or less. My advice for handling this marketplace is to order the appraisal up front, attain underwriting loan approval and lock-in the best interest rate. The graph represents the trend of mortgage interest rates for your Sonoma County refinance. Email me Scott Sheldon ssheldon@firstcal.net for the best sonoma county mortgage rate.
