Upsize, Downsize, Refinance? Check My Crystal Ball
By Wanda Thomas, Billings Montana Real Estate
(Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN)
Not too long ago, ok maybe a long time ago (35 years seems like just a while back), my MOther In Law had a 6.25% 30yr fixed mortgage on her home. I said "don't ever pay that off, you won't get money any cheaper", the going interest rate on a new home loan was somewhere in the vicinity of 12%. This is a new day. The lenders are shouting with joy right now, because after being called the scum of the earth for helping people get into toxic loans (not the case around here, 3rd lowest rate of foreclosure), they are now the HEROES of the hour with rates at 4.5% to 5% 30 year fixed mortgages. $$$ cha ching! More dollars for you in your pocket, more dollars for them in transaction fees. Even more interesting are the folks coming out of the woodwork wondering if the bottom is here. Should I...
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