The average 30 year fixed rate, according to Freddie Mac, sank to all-time lows of 4.08% this week.
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We have not seen rates this low since the Roaring 20′s and the days of the Speakeasy.
Here in metro Atlanta, I am offering rates lower even than that currently, assuming the credit score is where we need it. The point is, rates are terrific right now, and it is time to take advantage.
And, here are the top 5 ways to take advantage of these low rates:
1. Buy a house. Right, home prices are down everywhere…which is bad for the economy… WAIT! That is good for you! Buy.
2. Consolidate debt with a debt consolidation refinance. If inflation is just around the corner like many suspect, then rates on mortgages, lines of credit, credit cards, etc will rise. Consolidate that debt into a fixed rate instrument before that happens. Protect yourself.
3. Lock in that Adjustable rate mortgage that you have. Whether you do a 30 year or a 15 year fixed rate, or maybe a 10/1 ARM may be the right thing for you – whatever it is, just lock the rate in for an extended period at these low rates.
4. Buy investment property. If inflation is coming, then the rent you can charge on that property will rise over the next few years. There has not been a time since I have been in this industry where cash flows on Atlanta investment properties worked as well as right now.
5. Looking for that second home in the North Georgia mountains? How about on the coast – Florida, the Gulf? What many don’t know is the rates for second homes are exactly the same as rates for owner occupied property. Now may be the time.
There you have it. Five things to do now to take advantage of low, low Atlanta mortgage rates. Oh, and what if you owe more on your home than the property is currently worth? Good news, the Atlanta HARP Refinance is coming and is designed to help you.
Want to take advantage of one of those 5 (or 6) ways to capitalize on low rates? Call me: 1-800-MY-LOANS (1-800-695-6267)
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do you work outside georiga
think you allen
Yes, Allen. I do loans throughout the Southeast. How can I help?
What is your cost to me on a refi owner ocupied
at 15 yrs 74k balance
Great question, Dana.
That loan amount is small, and most closing costs are fixed costs, not a percentage of the loan amount. So, as a percentage, to get the “Par” rate, or the lowest going without paying ‘points’ to buy the rate down, you would be about 3.5% of the loan amount in this case.
What I recommend for most, is to bump the rate up by .25% and eliminate the Origination fee, which is the single largest fee in the closing costs.
I also like to increase the rate by a bit more for larger loan amounts, and do a complete “Lender Paid Closing Cost Loan”, or “No Closing Cost loan”. However, on a small loan amount such as yours it would be too much of an increase in rate to have enough Yield for me to pay all your closing costs. It would not make sense for you.
But the second option would, and if I can help, feel free to contact me at the phone number above, or at jim@MortgageLenderAtlanta.com
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