Mortgage Lenders Joining March Madness

Forget about Bernie Madoff.  Forget about AIG.  Whatever happens there will happen and it won’t impact most of us anyway.  But there is good news that can help many homeowners with their finances and the economy too.

The Federal government has finally decided to help homeowners by reducing long-term interest rates.  This means many homeowners with good credit will be able to refinance their mortgages and reduce their payments.  This is great news for many people but especially for consumers who purchased homes with adjustable rate mortgages that are rising faster than their incomes.  

I just refinanced yesterday and got a rate below 4.5% with only 0.625 points.  You may be able to beat that since some economists predict rates will come down further – which means that is highly unlikely.  You might want to lock in soon.