For the past few years mortgage interest rates have been hovering at an all time low. Now many homeowners are taking advantage of that.
It's not uncommon for homeowners to refinance their home, even twice in the same year.
People are looking at any way they can save in this economy and even a half of a percentage off an interest rate can save owners thousands of dollars in the coming years. For those who are looking at buying a home or refinancing one, now is the perfect time.
When it comes to mortgage interest rates, this isn't what you usually hear.
"I can't remember a time in recent years that interest rates have been as low as they are," said Co-owner of Advantage Realtor Group, Noros Martin.
Loan lender Linda Taylor agrees.
"Right now they're lower than they have been in many years," said Taylor.
Taylor says home interest rates are right around the 3 to 4 percent mark where as in years past, it's been around 5 to 6 percent.
"It may not make a difference in the monthly payment but it will overall in the term of the loan," said Taylor.
Someone with a 30-year fixed rate could save thousands of dollars throughout their remaining time. That's why more and more people are refinancing their home for a second or even third time.
"With the economy as it is today, I think people are willingly to try to do anything to get their mortgage rates down," said Martin.
Within the past few months Texoma Community Credit Union has seen more homeowners coming in looking to refinance. Though there are other things people need to consider when looking at interest rates that appear to be low.
"They should look at the closing costs. There will probably be some instances where there may be a loan that has no costs involved but more than likely they will have a higher rate or it's going to increase their loan amount," said Taylor.
As tempting as saving money sounds, refinancing isn't for everybody. Those interested better act now before rates go back up.
Another thing people should consider is whether the value of your home has dropped, if it has refinancing may not be worth while.
Noros Martin says those looking to refinance their home should speak with a lender they trust. It's not uncommon for companies to take advantage of unsuspecting home owners.
Interest rates change weekly and even daily. For the best up to date information experts suggest you talk to your lender.