News / Finance
Historic Record Low Mortgage Interest Rates Causes Homeowners to Lock Into 30 Year Fixed Rates
The Government Is Putting Their Money Where Their Mouth Is.
Take advantage of all-time record historic low interest rates. "I locked into all-time historic low rate and I have a first-place trophy to prove it. That is the analogy we are telling our clients, who are flooding our offices with phone calls to lock into these historical low interest rates," says Fred Solomon, author of Put Your Money Where Your House is and broker of Solomon Financial. Mortgage bankers will have more confidence and buy bigger commitments and be confident when selling their loans in the secondary market. Thus, interest rates are down huge - mid 4's on a 30 year fixed up to $417,000.
"Since the Obama plan, consumers want to know what is happening in the news and ask me constantly, 'What is going on with interest rates?'" reports Solomon, who assists homeowners through media talk radio, The Solomon Free Money Hour on Angels AM 830. "Well, repeat after me: all-time historic record low rates. The last time this happened was June 9, 2003."
Here's what has transpired last week. The government has guaranteed that they are putting their money where their mouth is finally. Basically, they will buy up to an additional $750 billion of agency mortgage-backed securities -- bringing the total this year to $1.25 trillion.
Here's the problem, in order to qualify you need to have some equity (although the Obama plan does allow us to go up to 105% loan to value.) Ask for a free comp check when you call your loan officer. You must still qualify with full documentation with your pay check stubs.
Here's what has transpired last week. The government has guaranteed that they are putting their money where their mouth is finally. Basically, they will buy up to an additional $750 billion of agency mortgage-backed securities -- bringing the total this year to $1.25 trillion.
Here's the problem, in order to qualify you need to have some equity (although the Obama plan does allow us to go up to 105% loan to value.) Ask for a free comp check when you call your loan officer. You must still qualify with full documentation with your pay check stubs.
Solomon Financial Mortgage helps consumers take advantage of these all-time record low interest rates. Call 949-421-3744, or toll free 800-811-7709 or for a free home loan cost analysis to see if you are eligible for a refinance or federal loan modification, click here.
