How will the fed's interest rate cut affect my mortgage?
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How will the fed's interest rate cut affect my mortgage?I have a fixed 30yr mortgage, not an ARM, so I'm guessing the fed's recent interest rate cut won't have a big affect on me, is that correct? Is there any way I can take advantage of it? Read the Answers | Post Your Own Answer
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 | The Fed's rate cut is meant to put more liquidity into the market, which encourages banks to loan money, and consequently this brings rates down. As you surmised, the rate cut will not change your rate.
The best way to take advantage of this situation is to shop around for a new fixed rate mortgage at a lower rate than your current one. If you do not know your rate, look on the Good Faith Estimate or the Hud-1A forms from your loan paperwork. Some companies are promoting the fact that you can find a better deal, but I have not seen the numbers yet. Remember that they will advertise the best deal, but you may not qualify for it. If you are shopping around for a new loan, do it within a two week time frame, so that your credit score will not be effected. |
Answered by Frank Schulte-Ladbeck on January 23, 2008: Profile | Contact | Website
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