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Forces in the real estate market such as low interest rates, strong home prices and a low mortgage-payment-to-income ratio may have you wondering about refinancing your home.

A new report from Black Knight shows the 30-year fixed rate at the end of September fell to 3.64 percent.

The payment-to-income ratio has fallen to its second-lowest level in nearly two years. About this time last year, rates were higher and the important ratio was also higher.

Today, people are enjoying smaller rates and more buying power – great news for those thinking about buying a home or refinancing a current loan.

Since July, nearly 8 million homeowners could have qualified for the benefits of a mortgage refinance, according to Black Knight. In August, the number of homeowners who could both qualify and benefit from a refinance rose by 20 percent. That’s thanks in large part to the favorable interest rate.

Whether you’re thinking about streamlining your refinance through a VA loan, or you are ready for the next phase of your adjustable-rate loan, or maybe you simply want to take advantage of today’s rate, Element Mortgage has the resources and the local Oahu know-how to get the job done.

With these favorable rates and an ever-increasing pool of eligible applicants for a refinance, the timing may not be better to get moving on a refinance application.

We are proud to serve the Honolulu communities, and beyond. Our staff is local and knowledgeable and ready to serve. We hope you are just like our current customers – they come back and work with us again because no matter their needs, we know how to help.

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