Evelyn Bruder’s Dream Team blog

Thursday’s Blog post was financing issues for first time homebuyers. Tomorrow is Cinco de Mayo and we will present our visit to Old Mesilla for the celebration of that holliday. But, before we present “The Pros and Cons of homeownership” for our first time homebuyers, I want to present what I consider to be extremely important information for current homeowners.

Mortgage Interest Rates are their lowest levels
since they began being recorded in 1971

These graphic images show this fact very dramatically.

Rates from 1971 to April 2009

Weekly Rates January, 2006 until April 23, 2009

Though the yellow notes are difficult to read the pictures speaks loud and clearly about the interest rate for 30 Year Fixed Rate Mortgages.

As of this writing April 30,2009, interest rate for 30 Year Fixed Rate Mortgages reported by Freddie Mac 4.78% with 0.7 points. This is the absolute lowest rate ever.

Everyone who has a mortgage on real property owes it to themselves to at least look into refinancing that mortgage.

I have provided a Mortgage Refinance Calculator. It is the best one that I could find. It is very comprehensive in its calculations and reports. Use the calculator. Do as many scenarios as you want. See whether you think refinancing your current mortgage may be beneficial. Then, and I can’t stress this too much, you should check with your accountant, financial advisor, Mortgage Company, and banker to determine what is best in your specific situation.

NOTES- Approximate values to use: You should figure on 1% of the Mortgage amount for Origination fee and 0-points, and additional closing costs are about 2% of the amount of the new Mortgage. After entering all the figures into the calculator press CALCULATE then press VIEW REPORT. Read the report below the graph completely.

You will get 4 break even points. It is best for you to use #2 or #3. #2 represents the number of months it will take for your interest and PMI savings at the new lower interest rate to exceed your closing costs. #3 Represents the number of months it will take for your interest and PMI savings to exceed your closing costs taking into consideration that you your actual closing costs are greater than stated because they were funds you aquired after having paid taxes. The result for #3 accounts for your tax liabilities.

If are unable to use the calculator, if the results and discussion are unclear, or if you have any questions at all, we are available at any time personally, or by phone or email.

Before you rush out and expect to get your mortgage refinanced, we want to provide you with this information:
“8- things you should do before you refinance.”

Your Las Cruces, E-pro Certified, Internet Professional,
Evelyn Bruder, CRS, GRI, ABR, Cyberstar
http://www.homeslascruces.com
E-mail: evelyn@homeslascruces.com
Be sure to visit our Blog: http://www.lcrealestateblog.com
CALL ME: 575-650-7224
TOLL FREE direct line: 1-888-532-9069
OFFICE Direct Line: 575-532-2211
Steinborn Inc. Realtors, GMAC
Office number: 1-575-522-3698

Tags:Interest Rates, Las Cruces Home Mortgages, las cruces homes, Las Cruces Real Estate Information, Mortgage Financing, Mortgage Interest Rates, Mortgage refinancing, Mortgages