September 28th, 2009 4:13 PM by Scott Bray
About 2 weeks ago, Jim Cramer of CNBC predicted that interest rates are done going down and they will start moving higher. Last week the Federal Reserve said in their FOMC statement that they will start reducing the stimulus and rates may indeed start to rise in the near future.
So I am putting out a short & sweet warning that the opportunity to refinance or purchase a home at today's stellar rates is going to end at these deeply reduced rates. If you thought about refinancing but haven't started - now's the time to get going. Fannie Mae & Freddie Mac just released another program allowing people up to refinance their homes as long as their home is not more than 25% appraised under the value of their current home's value. For example if your 1st mortgage is $100,000 - your home has to be worth at least $75,000 in order to do it. Second Mortgages - if any are not counted against the 125% rule - so if you have a 2nd - you may be able to still do the refinance. This program is open for all mortgages that are currently owned by Fannie or Freddie Mac only. Please see more info here.
If you have any questions, please feel free to call us to discuss futher. We are an Fannie Mae, Freddie Mac, FHA or VA approved lender for all properties in the State of Florida. You can reach us at (321) 777-7277 for more info or go to our website using this link.
Rates are great - We're only 1 call away to help you meet your goals.