Government Mortgage Refinance Plan – FHA Refinance Mortgage Rates Remain Low
Posted on | February 12, 2010 | No Comments
The government mortgage refinance plan was created to help homeowners reduce their monthly mortgage payments by lowering their overall mortgage interest rate. At the present time FHA refinance mortgage rates remain very low when looking at a historical chart. Many mortgage lenders are offering 30 year FHA mortgage rates below 5%.
Before you get excited and feel that you can qualify for a mortgage rate this low you must understand that only the well-qualified borrowers will get this interest rate. If you do not have a significant amount of equity in your home and a credit score above 740 you are not to have the opportunity to refinance below 5%.
Just because you cannot get a refinance rate below 5% does not mean that you will not benefit from the refinance process. If you can save one full percentage point on your home loan rate then it is likely that you will end up saving a significant amount of money by refinancing today. Make sure to do your research and find out what your opportunities are.
With the amount of mortgage lenders that are currently advertising low rates it should not be difficult for you to find a lender that is willing to work hard for you. This industry is full of competition so it should not be hard to walk away from a lender that is not giving you the service that you need.
Author: Alan Lake
Comments
Leave a Reply