Can you believe its 2013. The housing market appears to be on the rebound and interest rates declined in the third quarter of 2012. So now is the time to refinance or purchase that new home. With rates at historically lows now is the time to reduce your rate and term. What do I mean by reducing your term well, if you had a 30 year mortgage and you are thinking of refinancing to take advantage of lower rates you should also explore lowering your term. Term is the amount of time or duration of your mortgage. Example a 30 year mortgage has a term or duration of 30 years. 15 year mortgages are available at a lower rate than the typical 30 year mortgage and can shave years off your repayment period. So when you think of lowering your rate also look at lowering your term. Can me and we can look at your options. Jeff Moore 757.552.7000.
