Interest Rates are 1% away from all-time record lows of June of 2003

Financial News

Interest Rates are 1% away from all-time record lows of June of 2003

Interest rates dropped three-eighth's of a percent over the weekend.

California, USA

Rates are down three-eighth's of a percent (3/8) to a half-percent (½) since last Friday.  Is your loan adjusting soon?  Now is the time to lock in to a 30 year fixed right now, reports Fred Solomon of Solomon Financial Mortgage, home of the no points, no fees, no closing costs loans.

At Solomon Financial, we believe so strongly in the zero cost loan and when the rates come down like they have this week, the zero cost loan allows you to refinance to the lower rate without paying any closing costs.  We pay for title, escrow, appraisal, credit report, all the costs that go into the cost of refinancing. Your loan balance won’t go up one penny.  Solomon's Short Video on 'true' zero cost loans: http://www.youtube.com/watch?v=Hi3IGy_FJ0c

Why would you pay closing costs when you can refinance at no cost, if rates drop?  We will show you whether it makes sense to get a lower rate and pay closing costs or not.  That is what we call a loan cost analysis.  We review good faith estimates for free as well.  "It is surprising how many good faith estimates are faxed to me with junk fees," adds Solomon who has proven on his radio talk show, The Solomon Free Money Hour that you need to get a second opinioin.

It’s a great time to buy, especially when rates drop.  If you are paying cash, you might want to wait for prices to come down some more.  But if you are financing the property, now is the time to buy.  Solomon says, "In my book, Put Your Money Where Your House Is, I show The Cost of Opportunity Lost and discuss if you should wait or buy when rates are low.  Believe it or not, if rates increase 1.5% but prices drop 10%, the actual cost of ownership is higher by buying at the lower price." 

Thinking about buying?  You can put three percent down on an FHA loan up to $729,750 up until the end of the year (in certain areas).  Starting January 1, 2009, that amount will decrease to $625,500.  If you are purchasing your first home or selling and buying, rates are one percent away from the all-time record low of June 2003 – take advantage of this time.  Solomon's Home Buyer's Guide Book (Over 128 pages), yours free with pre-approval:  When you get you pre-approved, we will tell you what the monthly payment will be on a 30 year fixed mortgage if you buy a $300,000, $400k, $700k, or $6.5 million home and then send you a list of properties in the area you are interested in.   

Take advantage of these low rates today.  For a free, no obligation, loan cost analysis or pre-qualification on a purchase, or to see if you are eligible, go to: www.freemoneyhour.com/loancost.php

 

For more information, subject of this release, contact:

Frederick Solomon, Jr.
The Solomon Financial Team

Home Loan Advisors
Refinance Line: (800) 811-7709

 

solomon@sfmdirect.com
                    www.freemoneyhour.com/loancost.php