Mortgage rates hit record lows; beware of special promotions offered by lenders 

On the next edition of Save Thousands! with Robert Palmer we’ll talk about today’s low mortgage rates.

How low?

Try record lows … historic lows … lower than you may ever see again.

We entered new territory on Thursday when the average rate on a 30-year fixed mortgage fell to 3.94%. Rates are now lower than they were in the 1950’s.

If you can buy or refi – do it.

Let’s look at how much money you can save with a 3.94% rate when compared to what the average rate was just three months ago when it was 4.60%. The difference on you payment is about $40 a month for every $100,000 borrowed. Over the life of a 30-year loan, that comes out to a savings of about $14,000. When compared to paying 6% or 8% on a mortgage, you’re really saving thousands!

We’ll also talk about lenders offering discounts and promotions to try and get you to take out a home loan. Be careful and remember our number one rule – shop for a mortgage.

Just because you’re getting a discount on a hefty, unnecessary fee doesn’t make it a good deal.

Bank of America is offering a discount, but only if you are a customer with $50,000 in their bank.

A B of A spokesman is quoted in this Smart Money story admitting that the lender doesn’t want to make mortgages too enticing to the public; “the institution is looking to price competitively but not low enough to spark an overflow of applications that would prevent it from being able to process mortgages in a timely manner.” Now there’s some great customer service for you. They can’t offer you a deal that you would actually want or else they might take months to close on your loan.

This is why RP Funding is Central Florida’s no-fee direct lender. No fees, no games and great customer service. We write all our own loans and we can close in as little as ten days.

Tune in Sunday at 11 am on WDBO 580 AM or WHTQ 96.5 FM and learn how to Save Thousands! Our new FM signal means people as far north as Palm Coast, as far south as Vero Beach and as far west as Dade City and Ocala can now tune in and Save Thousands!