Mortgage Interest Rates Keep Going Down
Refinance ...Buy a new house...Interest rates... Mortgages. These words are in the news every day. How low are interest rates on mortgages? They haven’t been this low since 1965. To put this in perspective, check out what it cost to buy things in 1965:
gallon of gas - 31 cents
loaf of bread - 21 cents
dozen eggs - 53 cents
postage stamp - 5 cents
average cost of new car - $2,650
Unless you plan to move in the near future, it’s time to jump on the bandwagon. If you live in Delaware and you’re interested in starting the process of refinancing, your first step is to pick a mortgage company. Don’t make the mistake of thinking that your present mortgage company will give you the best deal. Believe me - it pays to shop around for rates.
You’ll need an attorney to handle your closing, and I always recommend contacting the attorney early on in the process to help with procedures and questions. Be sure to ask the attorney if there will be a fee charged if you don’t get approved for the mortgage.
This article is part of a series of articles dealing with refinancing your mortgage.
