Refinancing 101: Refinance For A Better RateJan 31 2008For Immediate Release
CHICAGO, IL — January 31, 2008 — The Federal Reserve's second rate cut in a little more than a week has created quite a positive stir. Today on NBC's "Today Show," real estate expert Barbara Corcoran said that now is the time to refinance, during her interview with host Matt Lauer.
According to Corcoran, 70% of all mortgages are up for renewal. "People don't realize that when the short term rate is cut, it has an immediate effect on adjustable rate mortgages as well as home equity loans," she said.
During the segment Refinance for a Better Rate, Corcoran also said to check rates with an online lender like Guaranteed Rate to get rate information and use mortgage calculators. We post our up-to-the-minute rates on our homepage, as well as the rates of our competitors, in a clear manner to help consumers make informed decisions.
So how did Corcoran respond when Lauer asked her directly if this was the time to refinance?
"Without a doubt ...not shopping the market now is just like giving money away."