MONEY IS "ON SALE"!!!!!

In my April 16 post, "To Refinance or Not to Refinance", I wrote about what people need to consider before refinancing. While rates are at all time lows, it still might make sense for some homeowners to sit tight with their current mortgage.

Today, I ran across a great article in the Wall Street Journal, A Battle Plan for Refinancing Your Home, by KAREN BLUMENTHAL .

The author points out several items one should consider before refinancing their home. Ms. Blumenthal also discusses and explains the rigorous requirements now in place with most lenders, as well as some the pitfall and difficulties.

As with any big decision, one should seek the advice of a professional before making any decisions.

To Refinance or Not To Refinance...

That is the question...
Rates are at 50 year lows, so it would seem like a no-brainer to consider refinancing one's property. But because rates are so low, many homeowners who currently have an ARM which is about to adjust will actually end up with a rate lower than what they are currently paying.
In today's WSJ online, there is a great article about this topic, Low Rates Put Some Borrowers In a Quandary written by Nick Timiraos.
One example he cited was an LA technology industry employee who's mortgage will soon be adjusting.
"The 39-year-old says he decided against refinancing the $900,000 ARM on his four-bedroom Dutch colonial home after it reset this month to an annual variable rate of 3.25% from the 4.38% fixed rate of the past five years. The homeowner was considering a 30-year fixed rate at 5.5%, but he says by staying with his ARM will cost him about $22,000 less over the next year."
Timiraos also offered the following points to consider:
--Sticking with an ARM offers low rates now, but risks seeing rates jump in the future.
--Refinancing could lock in a good rate for a longer term.
--Some brokers say borrowers should consider refinancing out of an ARM if they plan to live in a home more than two years.
Always best to consult a professional to weigh out all of your options.
BUT ISN'T IT GREAT TO ACTUALLY HAVE OPTIONS :-)???
Just in from cnbc.com...Thirty-Year Mortgage Rate Falls to 4.82%

CRAMER IS SCREAMING!!!!

NOW IS THE TIME TO REFINANCE!!!!

In today's article, Stop Trading!;Refinance, Cramer says, “Right now I have never seen a moment where the Federal Reserve is saying, ‘Here’s cheap money…Get back involved!”

So run, don't walk, to have a sit down with your loan officer to analyze your current situation and the new financing options that are available.