JP Morgan Chase is one of the top mortgage lenders that have been seeing continued low mortgage rates, which is making many homebuyers and homeowners quite happy. Over the last few months many people have been able to take advantage of record low interest rates whether they are refinancing or buying a home for the first time.
Many people have either been refinancing or buying a home with a 30-year fixed rate mortgage in the hopes of getting a low monthly mortgage payment too. The interest rate on the 30-year fixed rate mortgage, while higher that a 15-year fixed rate mortgage, is one that brings about a lower monthly mortgage payment due to the term of the home loan.
There have been many people turning to the housing market thanks to lower interest rates on mortgages, lower home prices, and the first-time homebuyer tax credit that has been offered from the Obama Administration.
However, despite these enticing incentives, homebuyers are being cautioned to make sure that buying a home is in their best financial interest and before proceeding with the purchase of a home, they need to be certain that they are on firm financial ground.