Though mortgage interest rates are at historic lows (and may not be for much longer!), a recent CoreLogic study, cited in the Oct. 31, 2012 Ithaca Real Estate Journal, “finds that approximately 69 percent of homeowners, nationally, had mortgage interest rates higher than 5 percent and a third had rates exceeding 6 percent.” If you are in this group, it’s time to call your local lender to see if you are a good candidate to refinance your mortgage. There is a great amount of money to be saved, if you can reduce your mortgage rate and/or shorten the length of your mortgage.

The chart below is a snapshot view of interest rates offered by local and regional lenders as of November 13, 2012.

graphmortgageadvice
The record-low mortgage rates currently offered have been untapped by a surprisingly large number of homeowners.

For those who would like to calculate your own current mortgage balance at a reduced rate, click on the link below.
Bankrate.com Mortgage Calculator

Real Estate Investors – please note. Extraordinarily low rates also extend to rental and commercial properties. Though the commercial side of lending is consistently a bit more expensive, rates to finance commercial and non-owner occupied properties are also at historic lows. This may be the time to explore drawing equity out of your property to purchase other investment properties, or to re-finance a private mortgage that is now at a higher interest rate.

Attention All Borrowers – though interest rates are low, the road to low interest mortgages can be challenging. Stable income and good credit scores are essential. The value of your property and its condition will be closely scrutinized, and upfront bank fees can be quite high. Still, our community of lenders is honest, experienced, and approachable. They can usually, in the course of a meeting, phone call, or email exchange, assist you in analyzing whether the financial benefit is worth your effort.

Please call our office if we can provide any further assistance. Heartfelt best wishes to you, your friends and families, as we approach the Thanksgiving holiday.