According to a CNN Money Article from 2-2-2012
Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.
Frank Nothaft, vice president and chief economist at Freddie Mac said the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.
The new record rates were “fortuitously timed” for the Obama administration to announce its latest refinancing proposal, said Greg McBride, senior financial analyst at Bankrate.com.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration
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SBA Entrepreneur of the Year and Managing Director of ZFG Mortgage was recently featured on CBS NewsOn6.com and the CBS NewsOn6 Nightly News.
Click below to view this entire video interview.
ZFG mortgage helps you gain extra cash and lock in a fixed payment today. If you want to lower your payment and increase your positive cash flow today by paying off high interest debt you need to call ZFG mortgage. ZFG mortgage offers options that are generally available to anywhere else in the financial market place. Zeshu Financial is the most reasonable and honest refinancing company in Tulsa. ZFG Mortgage Tulsa is tailored to fit your specific lending needs with our customized lending options now available through our wholesale credit, affiliate credit and correspondent lines of credit (including Countrywide, Bank of America, Chase, Wells Fargo, and many other leading financial institutions).
When refinancing your home loan it is important that you fully understand the long-term financial benefits and potential ramifications of each financial decision that you make today. Call ZFG Mortgage Tulsa to speak to one of our expert mortgage lending experts today.
Refinancing has never been easier and rates have never been lower, thus call ZFG Mortgage today at 918-459-6530 or 1-877-205-7266
6670 S Lewis Ave. # 200 Tulsa, Oklahoma 74136 Toll Free 1-877-205-7266 | Fax: 918-459-6535 www.zfgmortgage.com
As the mortgage market continues to deteriorate in the current housing slump, many people are finding their mortgage payments more and more suffocating. It is no secret that foreclosure rates have skyrocketed during the past year, especially among subprime or poor credit borrowers. The spike has been a result of the many people who got into more expensive loans than they could afford, and others who jumped into adjustable rate mortgages they did not understand. If your mortgage is putting a stranglehold on your finances, or if you are looking to get into an affordable mortgage, consider the following suggestions.
Rework Your Financial Thinking Reducing your mortgage burden involves changing your overall financial mindset. Americans by and large have a “buy now, pay later” way of thinking. In fact, during the years 2005 and 2006, the Commerce Department reported that Americans on the whole spent more then they earned. There seems to be a consensus that it is okay to mortgage the future to enjoy all the pleasures of today. While there is really no escaping the hefty debt of a mortgage if you want to be a homeowner, waiting and saving for other purchases can make mortgage debt more manageable. Mortgage lenders often use the 28/36 ratio to determine how much debt you should be carrying. Only 28 percent of your monthly salary should go toward your housing costs, while your total debt obligations, including mortgage payments, should not exceed 36 percent of your monthly income.
Take a look at the things you are currently paying for on credit. If it is a choice between keeping your house or those other things, like the new car, the big screen TV, etc., which would you choose? Often delaying some of your wants will free up the cash you need to more easily afford your mortgage.
Cut Down Your Mortgage Interest So much of your monthly mortgage payment goes toward interest charges. While you cannot decrease the amount of principal required, you can reduce the amount of interest you have to pay. If you have the extra funds available each month, you could refinance into a shorter loan, say a 15 or 20-year fixed rate loan. This would raise your monthly payments but it would save you thousands of dollars in interest over the long run of your loan.
If you don’t have quite that much on hand, you could consider making an extra mortgage payment at least once a year. This will also help you cut out some of the interest charges and you won’t have to pay closing costs for the refinance.
Choose a Home Equity Loan over a Line of Credit If absolutely do need more financial funds and you have equity built up in your home, consider going with a home equity loan rather than a home equity line of credit (HELOC.) Because of the stressed market conditions, home equity loans carry rates lower than HELOCs today, so you will pay less interest with an equity loan. Plus an equity loan gives you a lump sum with a predictable repayment schedule. A HELOC allows you to draw money as needed for a certain period of time, and it may tempt you to borrow more than you actually need.
As the mortgage market continues to deteriorate in the current housing slump, many people are finding their mortgage payments more and more suffocating. It is no secret that foreclosure rates have skyrocketed during the past year, especially among subprime or poor credit borrowers. The spike has been a result of the many people who got into more expensive loans than they could afford, and others who jumped into adjustable rate mortgages they did not understand. If your mortgage is putting a stranglehold on your finances, or if you are looking to get into an affordable mortgage, consider the following suggestions.
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