Stay Updated on Mortgage Information

Stay Updated on Mortgage Information

By Michele Barber, Northstar Bank, Denton County LIVING WELL Magazine

It seems that any newspaper or business magazine you pick up these days has a discussion taking place on how mortgage rates continue to hold at record low levels. So what does that mean to John Q. Public???

Basically, if you have a current mortgage, are considering refinancing your mortgage, or becoming a first time homeowner, it would behoove you to get with a mortgage specialist and discuss your options. According to the Market Watch of the Wall Street Journal, mortgage rates should remain low in 2012, especially in the first half of the year. In fact, many industry leaders are saying we may spend the entire year below 5% for a 30-year mortgage. It is truly a wait and see mode that we are in due to financial troubles in Europe and the Federal Reserve’s strategy to keep short-term rates on hold at least through 2013.

So now is the time to stop and evaluate what mortgage terms you are paying, should you refinance your existing loan, or even how you can finally buy that new home. Then find a reliable mortgage specialist and discuss how you can capitalize on the lower rates that we are now experiencing and improve your long-term finances. You’ll be glad you did!

Author Michele Barber is senior vice president with NORTHSTAR BANK OF TEXAS, www.nstarbank.com.