Throughout the state of North Carolina many homeowners are still considering a mortgage refinance as average 30 year fixed home loans are near an all time low. The 10 year treasury rate yield has recently bounced to a level close to 2% but 30 year home loan interest rates are still at 3.75% at local Raleigh banks such as Capitol Bank and First Citizens Bank.
Doing a little bit of extra homework before going into the mortgage refinance process is always a good idea. Many homeowners are not educated on the new rules and regulations since the mortgage crisis. Generally speaking, homeowners cannot be underwater in their mortgage and they will need a credit score above 750 to lock in to the lowest possible rates.
In just a few weeks millions will enjoy the three day weekend that includes Presidents Day. While some will be looking for Presidents Day Car sales others will be looking to clean up their finances before tax season hits in full swing. In 2012, taxpayers have until April 17th to file Federal Income taxes but most will start the tax preparation process much earlier.
If income taxes are going to be a concern some might be able lessen the stress load by dropping a home loan payment. If strong financial decisions have been made in the recent past then there is a very good chance that homeowners will be able to save hundreds of dollars on a home loan payment after completing the refinance process in early 2012.
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