Stock market's down these days, right? Yep, but so are interest rates, to 50-year lows. A client of mine who took out a 5-year fixed jumbo loan to purchase a beautiful home five years ago just received a notice from the lender: Her interest rate is going DOWN 2.8% for the coming year- - from around 6% to 3.2%!!!
That means it could make a great deal of sense to refinance your mortgage right now to lock in great rates if you have the equity to qualify, as I wrote in a recent post. And the effect on buying a home: MUCH greater affordability.
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