These late spring months are making it feel like summer is already here.  It’s another beautiful day to take the top down on those convertibles and let your hair down.  But what is happening to today’s interest rates? 

For the most part in the early part of this year rates weren’t moving to much staying in a general area and depending what you qualified for relatively low.   Things are changing – rates are starting to rise.  Not big jumps but definitely moving in the upward direction.  

What you need to do if you are in any of these situations: 

  • If you had to take a higher interest rate due to credit at the time you purchased or cashed out on your property take a look if you can fit into a more conventional rate and do it quickly while you can still save a lot of money. 

  • If you are in a Negative Amortization loan such as a COSI – COFI or any pick a payment loan.  If your long term plans are staying in the house – look into getting that rate fixed into a lower rate.  Most people don’t understand they might be making a payment from any where 1% – 4% but the actual rate of interest you are accruing is in the 8′s- call me and I will show you where to look on your mortgage documents.  I know because I just had one and by refinancing saved almost $1000 a month in negative amortization.  

  • If you are in an Adjustable Rate Mortgage and the term for it is going to be coming up in the next 12 to 24 months.  When things start to go up it is better to be safe then sorry. 

Please feel free to call or email me if you are in these situations or maybe you want to just discuss your current options.  Stay cool it’s going to be a hot one today.Â