It had been thought that the idea time to refinance a home had indeed come and passed given the national averages hitting all time record lows, but as Wells Fargo (NYSE:WFC) and most other major lender have today confirmed, there is still abundant time for those wishing to save a small fortune on their current terms to do exactly that.
For those looking to Wells Fargo today to secure a new refinance deal, 30 year fixed terms can be taken out for an attractively low rate of 4.250% which amounts to an APR of 4.639%, while the 15 year terms on the other hand is today at 3.250% which amounts to an APR of 3.766%.
The 30 year fixed term FHA refinance can be taken out for 3.750% yielding an APR of 4.374%, while the 5 year ARM today rests at an introductory interest rate of 2.625% and an APR 3.288%.
While millions of Americans have the very real potential to see their own mortgage terms cut considerably by making use of the current deals, a quite staggering percentage have found themselves out of the running in light of strict acceptance criteria. In many cases, tumbling property values have left them with insufficient equity for consideration to be granted and therefore unable to even consider an application.