Mortgage Interest Rates Drop in 2019
Posted by Carlie Berke, CDFA®
March 29, 2019
Mortgage interest rates have just experienced their biggest drop, a quarter point, in over a decade. The 30-year mortgage is approaching 4% again and has dropped a quarter point in the past week. If you are considering a refinancing or purchasing a home related to a pending divorce or for other reasons, now is a good time to reach out to mortgage specialists. Another article today discussed the competition between mortgage lenders to get loans closed in record time, typically under 30 days, and this is very helpful to potential buyers.
If you are considering a divorce and you have not yet filed, there is an opportunity for a spouse who wants to keep a home, to try to qualify to refinance the home in their own name before filing for the divorce. Otherwise, spouses involved in a divorce proceeding most often have to wait until the divorce is final which takes a minimum of 6 months but more often a year or more. That creates potential interest rate risk and can hurt a spouse’s ability to qualify if rates move up.
Furthermore, this may help the housing market for both buyers and sellers as housing becomes more affordable when interest rates drop. So if you are thinking about selling or buying a home, now would be an excellent time to be in the market.
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You may need to work with a team of people willing to help you as you navigate the many many transitions that your divorce will require.
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Credit is something often overlooked and needs to be protected in a divorce.
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