The DeLeva Group

Refinancing will once again become a subject of great interest in 2009 for many. Even if you have recently refinanced or purchased a home you may once again be wrestling with the question of whether to refinance or not. With interest rates on long term mortgage products recently dropping below the previously low historical rates that were common place through out 2008 many of us will once again in 2009 seek even more savings.

Mortgage interest rates are expected to remain historically low through out 2009. In my 26 years in the Real Estate industry I have never witnessed such low interest rates and real estate market dynamics like the ones making daily headlines today. For those of you that are settled in the home that will serve your needs for many years to come refinancing in the first quarter of this year will likely make sense assuming your current rate of interest is at or above 5.5% or you are presently in some form of an adjustble rate product. For those that are considering making a move up you will find no time in the last 30 years that would be more attractive than now. With interest rates at or below 5% on fixed mortgage money and homes being deeply discounted due to high supply and low demand you can not miss making a great investment. Some of the deals that I have seen in the last 60-90 days have quite literally shocked me, we have folks buying homes for 40 and 50 cents on the dollar and than obtaining finance at or below 5%...incredible.

Today a $100,000 mortgage would cost you $521 dollars monthly (PI) and $200,000 would be $1042 (PI), these kinds of figures coupled with discounted housing values equal a steal no two ways about it. 

In any event feel free to contact me anytime to discuss what if anything you should be doing to take advantage of the unprecendated mortgage rates and or real estate opportunities.