Wells Fargo Mortgage Rates – September is the Month to Refinance
Posted on | September 7, 2009 | 1 Comment
Wells Fargo mortgage rates are getting very close to 5% in the first week of September. This might be the month that we see the refinance boom start as the interest in the housing market might see a spark that turns into a flame. For the entire summer, mortgage rates were in a range between 5% and 5.5%. This range got very monotonous and there was little interesting news when it came to the mortgage market; things might be changing as autumn rolls around.
Many American home owners could benefit from the refinance process, especially with mortgage interest rates lower than 5%. If your current mortgage rate is above 6% it might be worth it to look into getting a home refinance. There are many steps in this process so please do not think that you are going to fall right into a 5% mortgage rate just because you own a home and want to refinance.
The most difficult step that most home owners are facing right now is the refinance appraisal step. With the value of homes dropping so much, many appraisal values are coming in much lower than expected. With the appraisal of a home being less than expected you will have less equity in your home which will cause your mortgage interest rate to be a little bit higher than the advertised 5% rates.
If you get through the refinance appraisal step you are likely to be smooth sailing. Many home owners had the opportunity to refinance under 5% back in March and April and they are reaping the benefits of that now. If you get a much lower mortgage rate, it could mean the difference in hundreds of dollars on your monthly mortgage payment. It could also mean the difference in tens of thousands of dollars over the entire period of your home loan.
Overall, now is one of the best times to get a home refinance. If you play your cards right, do your home work and get through the refinance appraisal step, you could refinance your home for a mortgage rate under 5%. The hard work and effort you put in now will definitely pay dividends in the long run.
Author: Jesse Wojdylo
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One Response to “Wells Fargo Mortgage Rates – September is the Month to Refinance”
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September 10th, 2009 @ 7:31 am
Why is the mortgage insurance such a issue?