MINNEAPOLIS - Interest rates on home mortgages are at near record lows and have been for some time now.
While it may still be a challenge to purchase that new home, some are finding it a lot easier to refinance their existing home.
"Everyday we're seeing the lowest interest rates we've ever seen in the history of interest rates," said Michael Edelstein of American Mortgage & Equity Consultants. "And we're actually seeing the approval open up to far more people than A+ credit scores."
If you tried in the in the past to refinance and didn't qualify, under a few new plans you may be able to today.
A lot depends on your current loan, what your interest rate is and what you owe, when all of that is calculated the potential savings could be in the hundreds of dollars per month.
For example, an FHA loan at 6.5 percent was recently refinanced to 4 percent, saving the homeowner $330 per month.
A recent HARP loan, which allows you to refinance even if you're home isn't worth its current value saved another family several hundred dollars as well.
While it's not a sure thing, if your interest rate is 6 percent or higher and you've tried to refinance before, you might be able to today.
"People that 7, 8, 9 10, years ago that don't think that they can get today's low rates, they just need to make the phone call," said Edelstein.
A few minutes on the phone could mean a few extra hundred in your pocket.
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