They say history repeats itself; let’s hope that doesn’t apply to the interest rates of the early 1980s. For the first half of the decade, 30 year mortgage rates ranged between 12% and 18%. No one moved because they couldn’t afford to, but a whole lot of people did home improvement projects.
Whether you’re looking at buying a home, or remodeling your existing home, there may never be a better time. Real estate values have rebounded after the 2009 crash, especially in the Metro area. However, if you’ve been following the Fed recently, you’ve already heard the rumblings of rising rates. Don’t worry, you’re not too late.
Exciting New Products to Lock in Rates
Metro has two new Home Equity Products that allow you to lock in rates:
3.49% Fixed Rate HELOC:
You can lock in your rate today at 3.49% for 84 months. You have a two year draw on the HELOC, and your payment is based on a 60 month amortization, so at the end of 84 months, you owe nothing. You can lock in this great rate today, and the interest you pay may even be tax deductible.
Fixed 2nd Mortgage up to 110%:
If you’re a strong borrower, need to pay off some bills or do a project around the house, and want to lock in a great fixed rate now, you may qualify for a fixed rate 2nd mortgage up to 110% of the value of your home.
Thinking of Buying, Now is the time
Historically, any 30 year mortgage rate under 8.0% is considered a good rate. Today, rates are one half of that, but they won’t stay there forever. In the first four months of 2015, Metro 1st Mortgage lending volume is double what it was one year ago. Buyers are locking in now before rates go up, and they’re turning to Metro as their trusted source for home loans. With our friendly and knowledgeable staff, and in-house underwriting, you can rely on Metro to help you find the right financing product, and help you with a quick close.