Since 2012, many consumers across the United States took advantage of low rates and refinanced their high rate mortgages, lowering monthly payments and freeing up cash for other purposes. If you happen to be one of the approximately 20 million households who have never refinanced, and are paying 6% or more on your mortgage, you may want to take advantage of the current environment and refinance now, but hurry – time’s a wastin!

Earlier this month we saw mortgage rates for 30 year fixed rate loans drop from 4.53% at the close of 2013. In today’s environment, you can find 30 year, zero point mortgage deals with a fixed rate today just under 4.2%! Sit down with your community mortgage banker to see what deals you can find in your area. Here’s a helpful link to see what is available to you in your area.

So what are you waiting for?

In Fannie Mae’s recent housing study, consumers were asked what has kept them from refinancing so far. The responses centered around a lack of understanding as to what’s available in the marketplace given each borrowers unique and special needs. Some people have concerns about qualifying, or feel they won’t save enough money to make it worthwhile. The fact of the matter is there is a mortgage product for almost any situation.

Spend some quality time with your local community mortgage banker understanding what is available for your specific situation. The professional consultation about your financial goals, dreams, priorities and desires with your community banker could save you a bundle.

Authentically local community banks like DNB First are now offering full service mortgage banking as a way to help their customers succeed financially. Sit down with your relationship banker to customize a mortgage solution that meets your needs. There’s no harm in looking into whether a refinance makes sense – you may be surprised to learn how much you can save by reducing your mortgage rate.

Vince Liuzzi – Executive Leader