Have you been dreaming of a new home? If you have been and are in the market for a new home or have just been dreaming of refinancing an existing mortgage loan, then you are in luck because mortgage rates are the lowest they have been in years. Due to the COVID-19 Pandemic, the Federal Reserve and lending companies have lowered mortgage rates to try to keep the market stable. This is good news for new home buyers and for existing homeowners looking to save some money each month.
Mortgage rates are currently at a record low, falling from between 4.2 and 3.5 percent to between 3.25 and 2.7 percent in the last few months. The mortgage rate is essentially the annual cost of borrowing money from your lender. Mortgage rates vary from lender to lender, so it is a good idea to ask what interest rates the mortgage company, bank, or credit union is willing to offer and to ask many lenders what rates they can give you. Lower mortgage rates are important because they mean that you will pay less money in the long run since more of your payments will go towards the principal balance of your loan.At United Credit Union, we know the homebuying process can be overwhelming, so we are here for you with helpful tips and competitive low rates. We even offer a mortgage calculator to help you determine your monthly payment. Whether you want to buy or refinance, now is a great time to take advantage of these rates! Our friendly staff can help you through every step of the home-buying or refinancing process. Call us today at 903-595-3604 to hear how United Credit Union can help make your dream home a reality.