If you bought your home in 2007 and your mortgage is a conforming home loan, you may be able to take advantage of the current mortgage market conditions and lower your mortgage rate. As of this morning, mortgage rates are near their lowest levels of the year.
Of course, not every conforming borrower is eligible.
For example, if you bought your home without a downpayment, or if your home has decreased in value since your purchase date, you may not be eligible. Most other homeowners are.
Mortgage rates change every day -- just like stock prices -- and when the economy shows growth, mortgage rates tend to worsen. Wednesday, the Fed remarked that the economy is nearly in balance and is not declining as much as had been expected. That means that the current level of low rates may not last much longer.
If you're wondering when a good time to remortgage would be, now would be it. We just can't predict if the savings will be there much longer.
(Image courtesy: Bankrate.com)
