Now Is the Time to Shop for Low Refinancing Rates
One reason people give for not refinancing their mortgage loans is the belief that they’re not going to get a better rate than the one they already have, but with record-low interest rates, that’s an increasingly unlikely scenario.
Unless you have recently refinanced your mortgage, there’s a good chance you are paying more than you should in interest. However, many people are hesitant to refinance, intimidated by the process of shopping around or concerned that it will take too much time and effort to find a lower rate.
Mortgage Rates As Low As 2.5% For A Limited Time
United Wholesale Mortgage (UWM) is offering mortgages rates for as low as 2.5 percent for buyers meeting certain criteria who can close soon. Titled “Conquest,” this new program is designed to increase demand for homes and spur a strong purchase season despite the economic impacts of COVID-19 across the country.
UWM is the nation’s largest purchase mortgage and wholesale lender, but it doesn’t deal directly with borrowers. It works with independent mortgage brokers, such as Kensington Research & Recovery, Inc., who can offer these lower rates to customers. UWM’s “Conquest” program offers mortgage rates that are a full percentage point below what was available recently, according to news reports.