Should you refinance NOW?

Current mortgage interest rates are at a 2 year low. If you haven’t looked into refinancing, now is a great time. FHA rates are as low as 3.25% fixed. Fannie Mae rates are as low as 3.5% fixed. VA rates are as low as 3.25%. ​Coastal Lending Group has the ability to "lock and shop" the interest rate. Prior to closing, as the market improves, you can capitalize on the improvements with a lower rate or higher lender credit!

If you purchased a home with me or you are a friend, you know that my preferred lender is Jon Vitak of Coastal Lending Group. I have included his contact information in the event you want to review your loan with him. Tell him CrabbyHomes sent you! 

Whether you refinance your mortgage or not, the current market dictates that you should at least see what your options are considering the all-time low rates we are experiencing right now. See below where your loan fits in.

• If you have a 3.75% or higher interest rate on a FHA loan, you may qualify for a FHA streamline at 3.375% with no closing costs (the bank pays the closing costs). 
o No appraisal 
o No income required 
o Lower reduced mortgage insurance on loans originated prior to Jan 2015 (Saves about $42 per 100K borrowed) 

• If you have a Conv/Fannie Mae loan above 4%, you may qualify for reduction. Current rates are 3.5% fixed (80% Loan to Value or lower) 
o If you pay monthly mortgage insurance, you may be able to lower your rate and remove the MI 

• If you have a VA loan above 3.75%. You should qualify for a 3.25% fixed rate with all closing costs paid. VA IRRL (VA Interest Rate Reduction) 
o No appraisal 
o No income required 
o No monthly mortgage insurance 

Jonathan Vitak, Owner/President  
3600 O’Donnell St, Suite 1F, Baltimore, MD 21224  
410-276-3404 (office)  jvitak@clgroup.biz

In case you need some help with a few real estate terms

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