OF INTEREST TO YOU
Mortgage interest rates are down a little since my last newsletter in January. As of February 28, 2008, I see 30-year fixed rate conventional loans available from 5.875 to 6.24% per annum for. The FHA/VA 30-year fixed rate is at 5.75% per annum and 1.0 loan origination fee. It does not even make sense to use an adjustable rate at this time, they are about the same as fixed rates. Sometimes a 3 or 5 year adjustable rate mortgage is okay. They usually have a starting rate about .50% below fixed rate mortgages. Only good, though, if you have a valid reason for the lower rate for 3 – 5 years. I have that type of mortgage on a few properties and will be refinancing this year. If you are considering buying and know you will only be in your home for 3 - 5 years…this can be a good choice. As I have told you before, when looking for a lender, try to use one that has local processing and local funding. Give me a call if you want the names of my favorite lender.