As all-time-low interest rates rise this week, several homeowners hoping to participate in the rate reduction refinance boom of a few weeks ago where left out because they failed to act quickly. When interest rates drop like they did a few weeks ago they tend to only stay down for a short period of time; sometimes as short as 3 days. Now, I predict that interest rates will drop again mainly because the economy calls for it and when this happens there are only a few days to act and lock.

The best program to use when refinancing if you already have an FHA insured loan is the FHA Streamline. This program requires very minimal documentation and the best part of it all is that lenders do not need to look at credit, assets, appraisal, or income to qualify. The purpose of this program is to reduce your interest rate and your monthly liability in efforts to better your financial situation.

To make sure that you don’t miss another opportunity, fill out an Auto Lock Agreement and send it to me via email or fax. This form allows us to keep a look out for a particular rate and to automatically lock your desired interest rate of your choice. As soon as your target interest rate hits our staff will lock it for 30 days and proceed to gathering any required documentation.

Written by Steve Chavarria