Fixed Rate Refinance Today – Get Help with Your Monthly Mortgage Payment Now
Posted on | March 30, 2010 | No Comments
Going through a fixed rate refinance today could assist you in getting the help you need with your monthly mortgage payments. If you have greatly struggled to make your monthly mortgage payment over the last several months you may want to consider going through the mortgage refinance process.
It is very important to understand that you will need a very good credit score and equity in your home to get a low refinance rate in the current economic environment. If you have a credit score below 680 and little equity in your home you are going to find it nearly impossible to refinance to a low rate.
To get the low advertised rates you are seeing on the television and Internet you are going to need a credit score above 740 and a large amount of home equity. This will allow you to get a 30 year fixed mortgage rate around 5%. Unfortunately, it looks as if mortgage rates are set to move higher in the very near future.
There is a very good possibility that mortgage interest rates could move all the way up to 6% in the very near future as the Federal Reserve Bank will stop purchasing mortgage-backed securities at the end of March. This has been predicted to move mortgage rates up at least one full percentage point.
Author: Alan Lake
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