Mortgage Rates Approach All-Time Lows
PLYMOUTH MEETING, PA - With mortgage rates dropping to historic lows and government initiatives making it easier to restructure housing loans, homeowners and new homebuyers are making moves to save substantial money on their biggest investment. According to New Penn Financial, LLC , a national mortgage lender, this could be a once-in-a-lifetime opportunity.
"It's now possible to purchase a first home or to refinance at record low mortgage rates - even if your home has severely depreciated in value," said Bob Johnson, Head of Capital Markets with New Penn Financial, which has more than 30 locations and 1,000 employees across the nation.
According to mortgage buyer Freddie Mac, the average rate on a 30-year loan dipped to 3.32 percent while the average interest rate on 15-year loans dropped to 2.66 percent, approaching the record low of 2.63 percent.
"The modifications made to President Obama's Home Affordable Refinance Program are another boon to many borrowers, especially those underwater on their mortgages," said Johnson. Set to expire on December 31, 2013, the program known as HARP 2.0 enables homeowners who owe more than their home is worth to refinance into an affordable, more stable mortgage. More people may now qualify for a HARP loan because there is no longer a loan-to-value cap. "You can owe more than 125 percent of your home's worth and still be eligible," he explained.
New Penn Financial is one of the few companies able to offer the HARP program to homeowners who may have Mortgage Insurance on their existing mortgage. The lender also assists borrowers who qualify for the Streamline Refinance initiative recently enacted by the Federal Housing Administration (FHA).
"With proper guidance a greater number of Americans can confidently purchase a first home or refinance their current home to take advantage of this opportune time," said Johnson.
For assistance in navigating the best options for home loans, New Penn Financial provides mortgage experts who can be reached by calling 888-673-5521.
About New Penn Financial
New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 47 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. Headquartered in Plymouth Meeting, Pennsylvania with 36 branch offices nationwide, New Penn was recognized by INC. Magazine in 2012 as one of the 500 fastest-growing private companies in the U.S. New Penn is a Shellpoint Partners company. Shellpoint is a well-capitalized specialty finance company led by a veteran management team.