December Job Report and Refinancing Options

Courtesy of Gillian Meadows, Senior Mortgage Consultant with Humphries Mortgage:

As the first trading week in the 2009 begins, important news is coming as we look forward to Friday's Jobs Report.  This report will show the number of jobs gained or lost in December 2008.  Keep in mind that the Department of Labor averages these numbers.  Also, part of each month's report includes a "revisions" section to the several prior months' numbers.

December's employment news was record-breaking:  533,000 jobs were lost during November.  This represented the most job losses the US has seen in 35 years.  November was also only the fourth time in nearly 60 years that our economy lost over 500,000 jobs.  To make matters worse, heavy downward revisions for September and October were part of the December report, which erased an additional 199,000 jobs.

 

However, on a better note:

If any current mortgage holder has an interest rate over 6%, you should be thinking about refinancing sometime soon.  The 15 year rate was 4.625 a day or so ago!  You could also ask for a rate that allows you to pay $0 in closing costs.  You may also consider amortizing the loan over 15 years instead of 30.  Most lenders will keep your information on hand and when the rate dips down to an acceptable figure, they can just lock you in!

Talk to your loan officer about these options!  If you don't have a loan officer, feel free to call Gillian Meadows at Humphries Mortgage at 513.317.6986 or Amy Karhoff at National City Mortgage at 513.527.5963.

Please don't hesitate to call or email The Meadows Team.  We  can be reached at 513.766.3878 or 513.766.9200.