Wells Fargo Refinance Mortgage Rates – Lower Interest Rates in January 2010?
Posted on | December 20, 2009 | No Comments
Wells Fargo refinance mortgage rates have been very low for much of 2009. Many current homeowners and future homeowners would like to know if mortgage interest rates are going to stay low through January 2010. At this point, no one knows the answer to that but the 30 year fixed mortgage rate is currently at 4.75% which is an extremely low level. Now might be a great time to lock into a low mortgage interest rate.
With the 30 year fixed mortgage rate below 5% you might want to consider refinancing your home in January of 2010. Each and every year, the month of January sees the most traffic from mortgage refinance applications. This is the time of year when most people consider going through the mortgage application process because personal finances is something that is on their mind among many other factors.
Wells Fargo has done a great job of advertising and positioning themselves for a low interest-rate environment. If you currently have a Wells Fargo mortgage you have a very good opportunity to refinance at low mortgage interest rates. Make sure that you understand that the interest rate you get on your home refinance is greatly determined by the equity in your home and your credit score. If you are under water in your home then you are going to find it very difficult to refinance at low rates.
Another important factor in refinancing is your credit score. If your credit score is well below 650 and has fallen in the year of 2009 then you will find great difficulty refinancing at an interest rate that is competitive with the current advertised rates. If you have a bad credit score and very little equity in your home then you can almost forget getting a reasonable interest rate on your mortgage refinance.
If the opposite is true and you have equity in your home and a very good credit score then there are great opportunities to refinance your current home loan. By refinancing under 5% you could end up saving hundreds of dollars a month and possibly even several thousand dollars a year with your new low mortgage interest rate. Do not let this opportunity pass you by as it may not last much longer.
Author: Alan Lake
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