Now is a Good time to Refinance Due to Low Detroit Mortgage Rates
One of the very few good things to emerge from the bad economy is that mortgage rates are at historic lows, making refinancing home mortgages a very popular endeavor.
When refinancing, choose a short-term loan if at all possible. A 15-year mortgage may net you a lower interest rate. Also, talk to your lender about locking in the rate once it has been settled upon. Locked Detroit mortgage rates cannot be increased in the future. For those looking to refinance, here are some very competitive Detroit mortgage rates.
Best Mortgage Refinance Rates in Detroit: 15-Year Fixed
- Loan Depot: 3.595% APR, $2,145 estimated monthly payment
- AimLoan.com: 3.596% APR, $2,145 estimated monthly payment
- AmeriSave: 3.597% APR, $2,145 estimated monthly payment
Lowest Detroit Mortgage Refinance Rates: 30-Year Fixed
- Loan Depot: 4.305% APR, $1,476 estimated monthly payment
- AimLoan.com: 4.306% APR, $1,476 estimated monthly payment
- Mortgage Capital Associates: 4.375% APR, $1,498 estimated monthly payment
Top Home Loan Refinance Rates in Detroit: 5/1 ARM
- Loan Depot: 2.711% APR, $1,205 estimated monthly payment
- Arbor Mortgage: 2.859% APR, $1,285 estimated monthly payment
- AimLoan.com: 2.869% APR, $1,185 estimated monthly payment
Please note that the above rates are accurate as of 6/20/2011, based on a principal loan amount of $300,000, but are subject to change at any time. Additionally, you may be offered a different rate based on your credit. Contact the lender directly for updated rates.
