Good time to Refinance

**aaronhoffman** · 11-26-2010, 11:04 PM

The recent history of the real estate market has been unstable and unpredictable. It has caused millions of people to lose their home and foreclosures rose dramatically. With so many houses on the market, with so little demand for new houses the FED was forced to do something to get buyers. So interest rates dropped to all time new lows from 8 percent in early 2000 to mid 4 percent now. With these low interest rates, refinances rose dramatically. Homeowners decided to stay in their homes and refinance. With interest rates so low, any homeowner would be foolish not to refinance end up saving them thousands of dollars.

**Jonathan Radford** · 12-02-2010, 07:59 AM

Agreed, Aaron. With interest rates at their current all-time lows, all homeowners should strongly consider refinancing, as it will save them thousands of dollars over the course of the loan.

**byHomeOwner** · 12-02-2010, 09:32 AM

People should be taking advantage of the low interest rate environment. Interesting enough there was a story today on cnn which indicated that most house hunter are too scared too actually buy a home, despite the low prices and low interest rates making this one of the best times to buy in a long time.

I think that there is just too much fear in the housing market today for people to be rational and take advantage of the opportunity.

**sly** · 12-05-2010, 10:51 PM

People must study all the pros and cons before going to financing to
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**JLNorthOC** · 12-06-2010, 11:01 AM

The problem is that the interest rates are extremely low however, buyers are worried about keeping their jobs. The unemployment rate is going to need to change before people will start getting more comfortable and start buying homes again. Once unemployment starts getting better the rates will start rising. So yes, best time is now.

**mayra_brady** · 12-30-2010, 11:42 PM

Originally Posted by JLNorthOC

The problem is that the interest rates are extremely low however, buyers are worried about keeping their jobs. The unemployment rate is going to need to change before people will start getting more comfortable and start buying homes again. Once unemployment starts getting better the rates will start rising. So yes, best time is now.

Agreed. That is the main problem now; unless the job market becomes more stable situations won't improve.

**clive123** · 01-06-2011, 04:09 AM

Refinancing can be a big way to save money, build equity, and take advantage of attractive interest rates. However, it is always important to factor in all the variables before making your final financing decision.

**OClife** · 01-06-2011, 04:06 PM

No doubt it is an excellent time to refinance. We are seeing a lot of appraisals go out due to homeowner's wanting to refi and get better rates. People are dropping a half % or more even on their home loans in our market area.

**mnhouses** · 01-12-2011, 10:10 PM

I echo the unemployment rate issue. Once we an improved forecast for the unemployement rate (i.e. lower unemployment), home buyers are going to be a little skiddish despite the amazing buying power right now.