Refinancing Into a 2.75% Fixed Rate, 15-Year Mortgage
Ok, so it’s not a Porsche or a 2 week Hawaiian vacation, but you could do worse than scoring a 15 year mortgage at 2.75% today.
What that says about you:
–You own a home;
–You actually have equity in your home — and therefore can borrow against it;
–You have a job (that other little requirement lenders insist on);
–You have high credit scores, which qualify you for lenders’ best (and absurdly low) prevailing interest rates today; and
–You are financially comfortable enough to shoulder the bigger monthly payment associated with a 15 year (fixed) mortgage.
If you satisfy all of the above, you’re in a select minority these days.
P.S.: The foregoing assumes the refinancing homeowner paid market (vs. exorbitant) fees to get the 2.75%.