Texas based Mortgage Broker Brian Schroeder discusses mortgage refinancing at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give Texas residents all the facts about mortgage refinancing so they can make an educated decision when obtaining a mortgage.
Round Rock, TX -- (ReleaseWire) -- 03/24/2009 -- Mortgage rates plunge this week, as the Federal Reserve makes moves to lower rates associated with home mortgages. Texas mortgage broker, Brian Schroeder, has seen the industry ups and downs. He sees the current environment as one of rare opportunity for both home buyers and home refinances to secure all time low rates.
“This is most certainly the greatest opportunity in recent history, since early 1970, for someone to come in and either buy a home or refinance an existing one and receive a fantastic rate” Brian Schroeder said, a Texas based mortgage consultant. “There is definitely some excitement and buzz over it”.
“I have seen current homeowners lower their rate, shorten their loan period down to 15 years and have a lower payment than their current one” Schroeder goes on to say. “This is huge when you can shorten someone’s payoff from 24 or 25 years down to 15, and lower the rate. The two have a multiplier affect which builds equity super fast in the home”. On the other hand, if someone needs to free up money on a monthly basis, refinancing to a lower rate at a 30 year term can save hundreds of dollars a month.
For those who want to buy a home in the months ahead, Uncle Sam has a little present for you. A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. “This ends up being a sort of rebate for the down payment” Schroeder said.
"With refinancing as popular as it is right now, Texas residents have to be even more careful about shopping for the best loan," says Schroeder. "Even the most attractive offer can wind up being a disaster once you realize how much the loan is really costing you."
Schroeder offers these tips when considering refinancing:
* You should get a significantly lower rate for refinancing to make sense. Don't rush to refinance unless it's truly worth your while. If you're working with a mortgage broker rather than going it alone, you can be assured that they're bringing you the best offers out there. If you're going it alone, you'll have to do the legwork for yourself.
* Consolidating unsecured debt with a refinance loan can be a dangerous idea. You may not be in financial trouble now, but if in a few years things change, instead of simply missing a credit card payment or two, you'll now be in danger of losing your home as well.
* Your credit score counts... big time. If you've had credit problems in the past like a bankruptcy, it might make sense to wait a while for your credit score to recover before trying to refinance. Most lenders make it hard for people with less than perfect credit to get the best deals. But, again, if you choose to let an expert like a mortgage broker get involved in the process, they can often find loan options that most homeowners didn’t even know existed - which can save you thousands over the long haul.
Round Rock, Texas - based mortgage expert Brian Schroeder specializes in providing mortgage information to Texas residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.
Brian Schroeder is available for interviews and will welcome all your mortgage related questions.
Call 512-680-0623 for a Free No-Obligation Consultation or visit http://texasmortgagehelp.com