Our mortgage specialist, Rick Harrington, confirmed today that 30-year fixed mortgage rates fell to 5%, which means that if you were pre-approved for a loan even 2 weeks ago, you may be able to afford more house at the current mortgage rates. You may not have thought about it this way, but a drop in interest rate of ~1% is an equivalent of a 10% drop in asking price. Check in with your mortgage specialist and Rick* to see what rate / programs you could qualify for under the latest developments. You may get pre-approved for a higher loan amount/better terms.
Also, if you're looking to refinance, consult with a mortgage specialist on costs involved to evaluate whether it makes sense for you.
Let me know if you have any questions,
- Karina
857-636-2278
* Rick Harrington
NE Moves Mortgage Corporation
1601 Trapelo Road Suite 30
Waltham, MA 02451
Phone: 781-684-5734
Fax: 781-663-6730
E-Mail: rick.harrington@nemoves.com
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