What's The Scoop Behind Climbing Interest Rates?
There has been so much information in the news lately regarding interest rates and their sudden climb upward. While this may seem very scary and sudden, most folks in my industry have been expecting this for a while. As they say, what goes down, must eventually go back up (or something like that). The bottom line is that we were looking at rates in the mid 3% range just a month ago and then woke up about two weeks ago to find we were facing interest rates above 4.5%. The speed at which the interest rate increase happened shocked us all a bit.
The good news is that rates have calmed down over the past week or so. We are still in the low to mid 4% range for interest rates but that is still much better than the past 10 year average for interest rates, which I just read, is around 5.75%. Having said that, may of your friends, family members or even neighbors have still not taken advantage of today’s low interest rate environment and find themselves with an interest rate of 5% or 6% or even 7%, believe it or not. I read an article this past week that stated there are still over 9,000,000 (yes that’s 9 Million) homeowners in America that are perfect candidates to refinance their mortgage and save a bundle of money each month.
I am asking for your help today, please give your friends the gift of your knowledge. I would like to talk with those friends of yours that have still not refinanced and are paying hundreds of extra dollars each month on their mortgage payment or possibly tens of thousands of dollars too much, over the life of their loan. There are wonderful refinance programs out there today, that can help families, even if they have no equity in their home or they are underwater on their mortgage (they owe more than their home is worth). I helped a family last month (who was underwater on their mortgage), save over $550 a month on their mortgage payment, yes you read that right, over $550 a month.
Next time you meet with your circle of friends, co-workers or family, ask them if their interest rate is still over 5%, and if the answer is yes, please give them my cell phone number 207- 883-2003. I know what you’re thinking, Jeff, that is way too personal of a question to ask. Do you think your friends or family will really be offended if I am able to help them save $200 or $300 or $400 a month? They will thank you every time they see you from now on. You will be their hero and they will never regret that you asked them about their interest rate.
Now, they may tell you that they tried refinancing over the past few years but it did not work for them, have them call me anyway. I help homeowners all the time that say they could not refinance with someone else. Lending guidelines and lending programs are constantly changing and someone who did not qualify two months ago, could now qualify today.
Thank you again for your help and your friends will thank you as well. I am sure you are connected in some way to at least one of those 9 Million homeowners who still could be helped with a refinance!!
Also, if I can help you in anyway with your current Maine mortgage or if you have a general mortgage question, please reach out to us.