Mortgage rates are on the fall across the nation, and data shows that rates are at a near all-time low. That’s great news for homebuyers across the nation. With jumbo and super jumbo mortgage interest rates hovering between 3.5 percent and 4 percent, homebuyers can pursue a loan package that they may not have been able to afford in the past. Beyond that, these low rates offer homebuyers with a variety of benefits:
Long Term Savings
Low rates make mortgage products more appetizing than ever. That means that if you’re shopping around for a home, now’s the time to make the leap and settle on a home to purchase. When deciding on a loan package, it may be best to opt for a fixed interest loan. Since these loans will carry the same interest rate over the lifetime of the loan, and since mortgage rates are at an all time low, you could save thousands as you pay down the loan (or tens of thousands if you’re seeking a jumbo or super jumbo mortgage loan).
That said, all loan products have lower rates due to the current home market and economy in America. So regardless of whether you’re seeking out an interest only super jumbo mortgage or a 30 year fixed jumbo mortgage, you’ll get a great rate right off the bat. You can enjoy small home payments during the initial fixed rate term of these loans.
Low rates mean that now is also the time to refinance your mortgage if you’re in the proper position to do so. Folks refinance loans for a variety of reasons:
- You may refinance to borrow money against the current value of your home. Use this money how you’d like (invest it, purchase a vehicle, perform home improvements, etc.).
- You may refinance your mortgage to get a better rate than your current home loan, thus saving you money on your monthly payments.
- You may refinance your mortgage to reduce the term of your loan. This might result in a higher monthly payment, but the lifespan of your loan will be reduced.
- You may refinance your mortgage to consolidate your debt.
Regardless of the reason behind your refinance, now’s the time to attain the best rates on your new mortgage loan. With rates at nearly all-time lows for most mortgage packages, refinancing could be fiscally responsible, and it can leave you with financial freedom.
More Financial Flexibility
At the end of the day, lower mortgage rates mean more financial freedom for homebuyers. With reduced rates comes more potential to refinance, as we just mentioned, and it provides you with long term savings if you’re taking out your first mortgage. No matter if you’re refinancing your home loan to consolidate your debts, or pulling out an interest only super jumbo mortgage, you’ll be receiving an excellent deal on your home loan product.
If you’re shopping around for a home loan, you’ve got to check out MortgageBase. We offer a variety of mortgage products, and we specialize in providing jumbo and super jumbo home loans. Get in touch with us to learn more about our products and to get started!