The 30-year, fixed-rate mortgage rate continues to hover under three percent making it still a good time to refinance if you bought before 2020. This is also what is keeping housing sales hot. Even if prices are edging up, money is still cheap meaning a monthly mortgage payment can still be cheaper than rent! Ask me to run some numbers for you on this if you are renting.
On the subject of refinancing, the Federal Housing Finance Agency (FHFA) announced that this summer it will implement a new refinance option for low-income borrowers with loans through Fannie Mae and Freddie Mac. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment and are expected to save between $100 and $250 a month.
I have even heard about a 10 percent down commercial loan for an owner-occupied building. Call me if I can connect you to these programs. I don’t do loans but have resources who can answer your questions or find you a great loan program and I can help you find the right property to buy!