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Follow on Google News | Most American Could Still Benefit from a Refinance65% of Americans still have interest rates at or above 5%. With rates at near-historic lows, it can be a great time to refinance.
A Los Angeles Times article from September of 2012 makes the point that “roughly 69% of American homeowners with mortgages at the end of the second quarter had rates of 5% or higher and about 33% of them had rates above 6%” (“Two-thirds of American with Mortgages Pay 5% Interest or Higher;” Lazo, Alejandro; Los Angeles Times; September 18, 2012). To me, this means tremendous opportunity for clients to put themselves in a better financial position. It means tremendous potential for our economy if our legislators can continue to push for more refinance opportunities including and beyond the Fannie Mae and Freddie Mac programs. And it means that we need to keep getting the word out to our friends and clients that even though obtaining a mortgage in today’s environment takes some work, the thousands of dollars of savings can be well worth it. CPK Mortgage will continue to assist our clients in improving their financial positions by taking advantage of this fantastic interest rate environment. End
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