Since our last post rates have been on yet another wild ride ranging from a low of 4.5% on Thursday March 19th to a high of roughly 5.5%. A huge difference and one that obviously would make a big difference in your monthly Minnesota mortgage payment. This information is in reference to conforming or Fannie Mae and Freddie Mac 30 year fixed mortgage products . Incidently, if you are purchasing or refinancing in Minnesota and using a Fannie or Freddie product you need to have at least a 5% down payment for a purchase or at least 15% equity for a refinance.
FHA has slightly different guidelines and rates for Minnesota mortgages and should be seriously consider in both a purchase or refi situation. You may qualify for an FHA refinance at up to 97% of the value of your home. All of these guidines have been changing more frequently than ever so it is critically important for you to contact a true professional in the mortgage industry and plan out your purchase or refinance strategy.
For mor information about FHA or conventional rates and programs, contact Dominic DesMarais at Metropolitan Financial Mortgage Company at 612-247-8322.
