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Time to refinance your mortgage? Interest rates hit new lows

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    Financial advisor Dominic Tavella explains

  • Duration 4:21
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This could be really good news for homeowners home buyers mortgage rates dropping to incredible new lows check out these numbers a thirty year fixed rate loan is just over three and a half percent.

And if you want a fifteen year mortgage two point 86 incredible.

The rates present a great opportunity and not just for people looking to buy but also for anyone looking to refinance an existing loan.

But in today's take charge consumer protection segment we're gonna look at how you can cash in on these low interest rates by refinancing or acquire -- home.

But the question is why aren't more of us doing -- joining us now to talk about a financial advisor and president diversified financial consultants.

-- to bella -- my -- how are you ready to see you.

Let me ask you that question first I don't remember the last time we -- rates even close to this.

But more people aren't refinancing is it because it's difficult to -- get the loans approved.

Or people have fatigue already over refinance.

I think a little bit about -- let's emphasize this could be once in a lifetime once in a generation opportunity we have never seen.

Loans like this at this interest -- ever I mean like sixty years so you're it's going to be -- not an easy thing to get done -- people are tired of the process it's long it's frustrating but you really have to grab this opportunity you really have to knock in a bank store and say.

I'm entitled to this let me have a lower interest -- Moderate more banks allowing modifications.

Where you pay a onetime C as opposed to having to pull all your tax returns if -- -- do you customer -- them.

And they just reduced the rate for the remaining term of.

Yeah well look I've personally had these kind of conversation to banks and eight.

They will sit here and argue that the regulator.

Is up forcing them to.

Document everything three times over -- make sure that every T is crossed the truth of the matter is they don't want to lend money for the next thirty years at three and a half percent.

We want to bar that money so as difficult as they make it knocked on the door do what you gotta do get it done.

What if you.

Lost your job -- you owe more on your home then it's worth that the current time.

How do you find a lender that has the creativity to help you get the loan approved even if you're not in the best shape right now that's the take charge message.

I -- send home first make sure your credit is it is as good a shape as possible world title to a free credit report once a year clean it -- BA.

The diligent about making your payments second -- -- Contact your existing lender seat they'll work with you like you said they had your history you're already a customer.

They already have that risk on the box third.

Go to other lenders particularly credit unions local regional banks they didn't take they hit that the major banks did.

For it.

Go to a good qualified mortgage broker got a unique situation maybe you switched jobs may -- your self employed.

Try dealing with a professional who may know exactly -- to play -- alone and get this thing done.

What about government programs are they working for fox is great question we have two programs that right now the five largest banks in the country.

Chase Wells Fargo Bank America Citibank.

They just settle with the federal government for 25.

Billion dollars.

If you are under water -- alone they may be in a position to help you refinance that.

That loud and -- -- not gonna give it a great rates that we get today the -- Being obligated by the government give -- these great rates but they may be able to reduce your existing.

-- if given -- -- Fannie Mae or Freddie Mac on a government background.

Those up to a -- 125%.

Underwater and no words about the home is a hundred -- employ your value.

You're more your debt UK under the -- program you might be able refinance there so there are programs even if you're underwater on these loans.

I'm so glad you brought that up eight HA RP look it up on lion even if you don't have perfect credit you -- qualified perhaps thanks so much Dominique -- great to talk to I don't agree important topic.

And if you want more and the ability to take charge on a number of consumer issues.

Go to foxnews.com.

Click on the America's News HQ page and at the bottom deals -- main page you'll see our show.

And then when you click on that you'll see the takes charge consumer protection segments this one included we hope we helped out.

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