Delaware mortgage rates have improved since the Federal Reserve started its QE3 program by pumping in an additional $40 billion to boost the housing market. This should keep rates low for a while, so the sooner you get refinanced, the sooner you will start saving money monthly and increasing your cash flow.
If you are considering refinancing your home, now is the time is take advantage of these all time record low rates.
Did you know that 69 % of homeowners today have mortgages exceeding 5% according to recent data.
Why aren’t more people refinancing if they know they can get a lower interest rate? It
turns out that many homeowners who purchased prior to 2008 and even into 2010, may find they are underwater, (underwater is owing more on your mortgage than your home is worth). Still some homeowners have run up credit card debt and in some cases unfortunately lost their jobs, making it impossible to qualify.
The good news is there is help for Delaware homeowners. First, we are seeing there is an increase in home sales and home values, especially in New Castle County and other areas, depending on property location. Next, many Delawareans have kept up on their mortgage payments despite being in a down economy. Keeping up to date with your mortgage payment is a key element in getting refinanced or maybe even buying a new home.
Finally, the HARP 2.0 Program is still available which may mean further easing for borrowers who are underwater.
How do you know whether or not you qualify? Simply, you won’t know unless you ask. If this whole topic seems a little confusing, please do not hesitate to give us a call at 302-266-6500 to see if you may qualify for a lower rate and a refinance.