Effect of 9-18-07 interest rate cut in mortgage interest?
I'm in the process of refinancing the mortgage and I'm locked in a good guaranteed rate through tomorrow. However, we still need some type of documentation required to complete everything, and I notified my lenders can not guarantee the same speed if not close the deal on schedule. If we can not close tomorrow and having to reschedule later in the week, it could work today cut rates by half a point in my favor by giving me an interest rate mortgage better?
All else being equal (ie, you still qualify for a loan once all documentation is in) the rate cut could be good news for you. With the "locked-in case," not have had the benefit of rate cut. This could save tens of thousands of dollars over the life of a 30-year mortgage. (A loan of U.S. $ 100,000.00 Earn $ 7708.40 in interest over 30 years at 0.5% – the amount of the rate cut.)
Investment Tips & Financial Planning : How to Compare Bank Mortgage Interest Rates
