Home Mortgage Loan Rates – Lower Rates for San Francisco California Homeowners
Posted on | December 7, 2009 | No Comments
Home mortgage loan rates have dropped since the end of the summer. Since the beginning of September we have seen mortgage interest rates drop all the way to all-time low. If you are looking for a lower interest rate and you live in San Francisco, California you might be in luck. President Obama realizes that home prices have greatly dropped in this area and he is trying to help you save by lowering your interest rate.
The last weekend in November saw the 30 year fixed mortgage rate at 4.49%. This was an all time low but we have recently seen mortgage rates bounce back higher as the 30 year fixed mortgage rate is now at 4.75%. Even in 4.75% many homeowners should look into refinancing is they could save several hundred dollars a month on their monthly mortgage payment.
If you live in San Francisco there’s a good chance you have seen the value in your home price drop. The fact that the value of your home price drop will not be remedied by a lower interest rate but it may help you to save some money which could offset some of the losses you have seen. By refinancing below 5% there’s a good chance that you could end up saving tens of thousands of dollars in the future on your current home loan.
There are many lenders out there who are willing to help you with this process so make sure to do your research. By simply doing some google searches you will find that most mortgage lenders are currently advertising interest rates below 5%. Please understand that these interest rates are for borrowers who have equity in their home and they have a relatively good credit score.
Make sure to do a diligent amount of research before deciding if a refinance is right for you. It might be a good idea to sit down with a mortgage calculator and see just how much money you could save by refinancing to a lower mortgage interest rate. Make sure to think about the fact that refinance costs might offset the money you could save by going to the refinance process.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jesse Wojdylo
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