Coronavirus fears have sent stock markets reeling — but they're also driving down mortgage rates to near historical lows. That may be an opportunity for prospective homebuyers and homeowners.
So, she says, someone who was on the fence a year ago about whether they could afford to own a home"is going to find it very attractive at this time."
Millions of people around the country who are already homeowners could probably save money on their monthly payment by refinancing. But it can be a little tricky to figure out if that's worth doing.How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye"People see rates are low or rates are dropping, so we get a lot of calls," she says."People just want us to run the numbers and make sure it makes sense.
Stobbe says that on a $300,000 30-year fixed-rate loan, if you were at 4.5% and refinanced at 3.5%, that would save you about $2,000 a year in mortgage payments. So that sounds pretty good.Stobbe says the fees vary a lot from state to state. In Florida, you might have to pay thousands of dollars more than in Virginia or Georgia, she says. So she says you want to think about how long it will take to break even on paying those fees before you actually save any money.
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