Today’s Lowest Mortgage Refinance Interest Rates – Fixed Citi, Chase and Webster Bank Home Loans Under 5%
Posted on | September 14, 2011 | Comments Off
Over the last several years, since the credit crisis, Many American homeowners have noticed that there are plenty of opportunities to save by completing the refinance process. When seeking today’s lowest mortgage refinance interest rates many homeowners are finding that 30 year fixed mortgage rates are as low as 4.25%.
On September 14, 2011 the 10 year treasury rate yield is trading around 1.95% which equates to a 30 year fixed mortgage rate slightly below 4.25%. With 30 year fixed mortgage rates well below 5% it stands to reason that many American homeowners will benefit greatly by completing the refinance process at the present time.
When looking for the lowest fixed Citi, Chase or Webster Bank refinance mortgage interest rates it is very important to recognize that not all American homeowners will be able to log into the lowest rates. The general rule of thumb is that individuals will need a credit score above 740 and a significant amount of home equity to lock into these low rates.
It is also advisable to have a debt to income ratio that is well below 40% as this will help individuals negotiate lower interest rates. Unfortunately, some individuals have made very poor financial decisions over the last several years which could make it very difficult to lock into low interest rates and this is why it is advisable to pay down high interest rate unsecured debts.
Taking the time and effort to do extensive financial research often helps when it comes to refinancing home loan. With many mortgage lenders available there should be plenty of opportunities for individuals to negotiate lower interest rates or costs and fees. It may be advisable to access the HUD website to better understand each and every step of the refinance process.
Author: Jeremy North
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