Interest rates are finally coming down and that will create refinancing opportunities for a lot of people.
David Jordan recently bought a home in Newton and he’s already thinking about refinancing, and he hasn’t even moved into it yet.
“If things do drop another couple of percentage points over the next year or two, we could always do the re-fi.”
Greg McBride with www.bankrate.com said “Anyone who’s purchased a home in the last couple of years needs to take a look at refinancing now. Mortgage rates have come down mightily. . . almost two full percentage points since hitting 8% last October.”
Marie Presti, a real estate broker with offices in Newton and Stoneham, suggests her clients take the lowest re-fi rate they can get that covers closing costs.
“Because even if the rate drops two months later, you could refinance again if you look at the no closing cost option.”
It’s easy for a buyer to be seduced when they’re buying a house. Brian Mahoney, Senior Vice President and Director of Sales at the Salem Five Mortgage Company, has this advice: I think the most important thing is that you can afford the payment that you’d be saddled with for an indefinite time when you’re making that initial purchase.”