Refinance NOW

Note the picture???

Another heads up on the rising interest rates.  This particular article addressed to home owners looking to refinance their loans.   

Many buyers wishing to buy and home owners wishing to stay and refinance have sat on the sidelines as rates nudged upward.   These buyers and home owners have hoped, maybe even prayed, that the rates would be coming down again.

Yet all signs are the rates will go up.  Some of the signs are:

       Strengthening Economy

       Strengthening Stock Market

       Increasing Demand for Credit

       Increase Pressure for Fed to stop buying mortgage bonds

If you are wise and are a member of these two groups, hears another nail in the coffin of procrastination.

REFINANCE RATES WILL RISE IN 2014

Refi Costs Could Rise Next Year Interest rates and other home loan costs could rise in the year ahead, making it more expensive to refinance your mortgage or purchase a new home in 2014, mortgage market experts say. Mortgage Bankers Association Chief Economist Jay Brinkmann predicts interest rates will rise above 5 percent in 2014 and to 5.5 percent in 2015. The monthly payment on a 30-year, $100,000 mortgage is: $477.42 at 4 percent $536.82 at 5 percent $567.79 at 5.5 percent If rates do rise, homeowners looking to pull cash from their homes may decide it's cheaper to use a home equity loan or line of credit rather thanrefinancing their whole mortgage, Brinkmann said. Loan Fees Could Go Up Meanwhile, you could also be paying more for your mortgage next year because mortgage market giants Fannie Mae and Freddie Mac are looking to raise their fees. Fannie Mae and Freddie Mac loans usually have lower interest rates because the government guarantees the loans. But lenders pay a fee for that guarantee and if Fannie Mae and Freddie Mac raise lender fees, lenders could pass those increases along to homeowners courtesy of Albert Clark